Stocks open mixed on holiday-shortened trading day

Shares opened mixed on a shortened Black Friday trading day.

As of 9:35 am ET, the S&P 500 was down less than 0.1%, the Dow was up 0.2% and the Nasdaq was down about 0.5%.

The US stock market will close at 1 PM ET on Friday; financial markets in the US were closed on Thursday for Thanksgiving.

Shares closed higher on Wednesday, the last full trading session of the week, after the latest Fed meeting minutes signaled a likely slowdown in the pace of rate hikes at the central bank’s December meeting.

U.S. Federal Reserve Chairman Jerome Powell attends a news conference in Washington, DC, the United States, November 2, 2022. The U.S. Federal Reserve on Wednesday implemented its fourth consecutive interest rate hike in three quarter decades.  (Photo by Liu Jie/Xinhua via Getty Images)

U.S. Federal Reserve Chairman Jerome Powell attends a news conference in Washington, DC, the United States, November 2, 2022. The U.S. Federal Reserve on Wednesday implemented its fourth consecutive interest rate hike in three quarter decades. (Photo by Liu Jie/Xinhua via Getty Images)

No major economic data or earnings reports are expected in the US, though investors and analysts will likely remain alert to early reports on how consumer demand holds up during the Black Friday holiday.

Data from Adobe Analytics released earlier this week showed consumer spending increased 0.1% year over year during the first three weeks of November.

Energy markets remain in investor focus, with WTI crude oil up about 0.5% after an earlier rise of nearly 3% early Friday, a rebound following lower prices oil price towards 2022 lows.

In overseas markets, equities in Europe were on track to post a sixth consecutive winning week.

Investors also traded overnight news that the People’s Bank of China would cut its reserve requirement for the second time this year in a bid to stimulate the economy.

After weakening earlier this week, the dollar staged a modest rally early into Friday’s trading session.

In business news, shares of Manchester United (MANU) rose as much as 9% early Friday after surging 25% Wednesday as reports continue to circulate about a possible sale of the English soccer club by the Glazer family. who also owns the Tampa Bay Buccaneer.

As investors in the US look towards the end of November and the end of a difficult year in financial markets, Jared Blikre of Yahoo Finance writes in Friday’s Morning Brief that history suggests there could be more positive times for market bulls.

During the period spanning the Tuesday before Thanksgiving through the second trading day of the new year, the S&P 500 was higher 81% of the time since 1950. And in years when stocks rise during this period, the index gains 3.8%, on average.

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