Adobe VP of commerce product and platform Jason Woosley discusses Black Friday in-store and online shopping trends.
U.S. stocks kicked off the short session marginally lower on the final trading day of the month which will end at 1 p.m. ET when markets close. Trading is expected to be below average, which can up volatility, due to the holiday week.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 28107.84 | -56.16 | -0.20% |
| SP500 | S&P 500 | 3148.69 | -4.94 | -0.16% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8692.133133 | -13.04 | -0.15% |
Even so, November has been a solid one for investors, with all three of the major market averages registering monthly gains of between 4 percent and nearly 5 percent for the Nasdaq Composite.
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It has also been a month of milestones with U.S. stocks hitting multiple new record highs, with the Dow Jones Industrial Average trading above the key psychological 28,000 level.
With the holiday shopping season well underway, investors will be focused on retail stocks on Friday.
Companies including Walmart and Amazon are in focus, as well as Target which rolled out new deals on Friday, including a jump start to cyber week.
And Costco, amid retail crunch time, saw its website malfunction. A message on the site read:
“The website is currently experiencing longer than normal response times. Please note that all Thanksgiving Day-only promotions have been extended into Friday, November 29th, WHILE SUPPLIES LAST. We apologize for any inconvenience.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 119.83 | +1.07 | +0.90% |
| TGT | TARGET CORP. | 126.17 | +0.27 | +0.21% |
| AMZN | AMAZON.COM INC. | 1,818.43 | -0.08 | -0.00% |
| COST | COSTCO WHOLESALE CORPORATION | 300.40 | -0.36 | -0.12% |
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Warren Buffett is also making headlines. The Oracle of Omaha reportedly lost out on acquiring Tech Data to private equity firm Apollo Global Management which bid $145 per share which values the company at $5.14 billion.
One week ago, Buffett said he bid $140 a share, or a little over $5 billion excluding debt, for the Clearwater, Florida-based company, according to CNBC. Apollo upped its initial offer of $130 a share, or just over $4.77 billion after an unnamed suitor — which happened to be Berkshire — topped it.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TECD | TECH DATA | 144.70 | +15.70 | +12.17% |
Fast-food giant McDonald’s got a pop on a favorable rating from Guggenheim which lifted its price target on the stock to $237 per share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD’S CORP. | 195.22 | +0.17 | +0.09% |
Wynn Resorts may be no more, the name anyways, according to Casino.org. Founder Steve Wynn, who remains engulfed in legal issues for alleged sexual misconduct, has been targeted by the Nevada Gaming Control Board. Industry insiders are discussing whether the company will need to further distance themselves from Wynn with a name change. Wynn resigned from the company in February 2018.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WYNN | WYNN RESORTS LIMITED | 120.94 | -1.03 | -0.84% |
As for ongoing trade negotiations, with the United States-Mexico-Canada agreement in limbo with U.S. Congress, the other countries are hoping to move the needle.
Mexico’s Undersecretary for North America, Jesus Seade, is set to meet with Canadian Prime Minister Justin Trudeau Friday morning, followed by a meeting with Deputy Prime Minister Chrystia Freeland in Ottowa, FOX Business has learned.
The U.S. economic calendar is light, with just one report, the Chicago PMI, due at 9:45 a.m. ET.
In commodities news, Brent and WTI oil prices were modestly lower.
