Apple shares fell 2% on news of reduced shipments of iPhones in November from a Foxconn plant in China.since production was affected by interruptions to worker shifts due to COVID restrictions.
The holiday-shortened trading session focused on retailers as Black Friday sales began against the backdrop of stubbornly high inflation and weaker economic growth.
Shoppers were expected to turn out in record numbers to shop the Black Friday deals, but in the cold weather, crowds outside stores were sparse on the traditionally busiest shopping day of the year.
US retail stocks have become a barometer of consumer confidence as inflation rises. Year-to-date, the S&P 500 Retail Index is down just over 30%, while the S&P 500 is down 15% so far in 2022.
The actions of the chains Target Corp , Macy’s Inc. and Best Buy Co Inc. traded mixed, while the S&P consumer discretionary index traded slightly higher.
Analysts said that starting next week, the focus would be on retail sales, the new outbreaks of COVID in China and the next steps the Federal Reserve could take around its policy of interest rate hikes.
Source: Ambito
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