Dow, Nasdaq Suffer Worst Week Since March
Oil prices plummeted ahead of a key OPEC meeting
The Dow fell over 170 points on this shortened trading day, despite signs of strong Thanksgiving and Black Friday sales. It was another rough day for tech and FAANG stocks, and energy stocks suffered as oil prices plunged. Crude futures touched new annual lows, amid concerns about oversupply ahead of the Organization of the Petroleum Exporting Countries (OPEC)Dec. 6 meeting. Against this backdrop, the Dow and tech-rich Nasdaq suffered their worst weeks since March, both losing more than 4%.
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The Dow Jones Industrial Average (DJI - 24,285.95) dropped 178.7 points, or 0.7%. Eight of the 30 stocks finished higher today, with United Technologies (UTX) adding 2.6% at the top of the list. Oil majors Chevron and Exxon Mobil finished at the bottom, dropping 3.3% and 2.7%, respectively. For the week, the Dow lost 4.4%.
The S&P 500 Index (SPX - 2,632.56) sunk 17.4 points, or 0.7%, and dropped 3.8%. Further, the index ended south of its key 80-week moving average. Meanwhile, the Nasdaq Composite (IXIC - 6,938.98) fell 33.3 points, or 0.5%, and shed 4.3% this week.
The Cboe Volatility Index (VIX - 21.52) tacked on 0.7 point, or 3.5%. The "fear index" advanced 18.8% this week.
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Amazon employees in Germany and Spain went on strike this Black Friday, calling for higher pay as well as labor contracts that would promise healthy working conditions. While the reported number of strikers topped 600 in Germany, Amazon claimed the majority of the employees at these warehouses continue to work and process orders. (Reuters)Mobile sales are up during the Black Friday shopping event, with more people than ever shopping from their smartphones. Earlier discounts have also helped, with many retailers kicking off deals on Thanksgiving Day. Online spending yesterday was up 29% year-over-year, according to Salesforce data.(Business Insider) 2 penny stocks that rallied today.Why this retail stock could be a good buy on Black Friday. UTX stock reacted to M&A news from China.There were no earnings of note today.
Data courtesy of Trade-Alert
Oil Continues to Plunge; Gold Softens Amidst Fed Talks
Oil prices plunged to new annual lows, as traders headed to the sidelines ahead of a key OPEC meeting next month. January-dated oil was last seen down $3.51, or 6.4%, ending at $51.12. It is down 7.8% for the week, so far.
Gold futures ended lower, as the U.S. dollar strengthened. Gold for December delivery dropped $4.40, or 0.4%, to settle at $1,223.60 an ounce. It lost 0.04% for the week.