Stocks Finish Abbreviated Session Nearly Flat - U.S. Commentary

(RTTNews) - With many traders enjoying an extended Thanksgiving holiday, stocks turned in a lackluster performance during trading on Friday. The Nasdaq moved modestly higher, while the Dow and the S&P 500 spent much of the day lingering near the unchanged line.

The major averages eventually finished the session mixed. While the Dow slipped 14.90 points or 0.1 percent to 17,798.49, the Nasdaq crept up 11.38 points or 0.2 percent to 5,127.52 and the S&P 500 ticked up 1.24 points or 0.1 percent to 2,090.11.

For the holiday-interrupted week, the major averages also turned in a mixed performance. The Dow edged down by 0.1 percent, while the Nasdaq rose by 0.4 percent and the S&P 500 inched up by less than a tenth of a percent.

The choppy trading on Wall Street came as traders stuck to the sidelines following yesterday's Thanksgiving Day holiday and ahead of today's early close.

A slew of key events and economic data scheduled for next week also made traders reluctant to make any significant moves.

Several key economic reports are scheduled to be released next week, with all eyes expected to be on the monthly jobs report due next Friday.

Ahead of the jobs report, traders will also be presented with reports on national manufacturing and service sector activity, pending home sales, and private sector employment.

Federal Reserve Chair Janet Yellen is also scheduled to deliver two speeches next week, joining several other Fed officials that are due to give remarks.

Additionally, the European Central Bank is scheduled to hold a monetary policy meeting next Thursday, with many expecting the bank to provide further stimulus.

Despite the lack of direction shown by the broader markets, shares of Disney (DIS) came under pressure after the entertainment giant revealed a 3.2 percent drop in subscribers to its ESPN sports network.

Sector News

Many of the major sectors ended the day showing only modest moves, contributing to the lackluster performance by the broader markets.

Gold stocks showed a substantial move to the downside, however, with the NYSE Arca Gold Bugs Index plunging by 2.6 percent. The weakness in the sector came as gold for December delivery tumbled $13.80 to $1,056.20 an ounce.

Considerable weakness was also visible among energy stocks, which came under pressure as crude oil for January delivery slid $1.13 to $41.91 a barrel.

On the other hand, trucking, commercial real estate, and semiconductor stocks moved to the upside, offsetting the weakness in the aforementioned sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Friday. Japan's Nikkei fell by 0.3 percent, Hong Kong's Hang Seng Index slumped by 1.9 percent and China's Shanghai Composite Index plunged by 5.5 percent.

The major European markets also moved moderately lower on the day. While the German DAX Index dipped by 0.2 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both fell by 0.3 percent.

In the bond market, treasuries pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, has edged down by less than a basis point to 2.225 percent.

Looking Ahead

While the monthly jobs report is likely to be in the spotlight next week, trading could also be impacted by the numerous events and reports mentioned above.