Fearing that a new Covid variant would be discovered in South Africa, stock futures fell

On November 8, 2021, a trader works on the trading floor of the New York Stock Exchange (NYSE).

Bren Dank Demead | Reuters

CNBC Pro’s stock selection and investment trends:

The market was closed for Thanksgiving on Thursday, so the stock market retreated from Wednesday’s small rise, which stopped the decline of the S&P 500 and Nasdaq Composite this week.

U.S. Treasury yields climbed this week, putting pressure on high-growth stocks. The Nasdaq Index fell 1.3% this week, while the S&P 500 Index rose less than 0.1%, and the Dow Jones Index rose about 0.6%.

The last few weeks of the year are usually strong periods of the market, and the so-called Santa Claus rally usually creates a happy holiday for Wall Street. The S&P 500 index has risen 25% so far this year.

Friday also marks the unofficial start of the holiday shopping season, as investors will look for insights from Black Friday to determine the sentiment of American consumers.

In this earnings season, retail stocks fluctuated violently in both directions. On Wednesday, the shares of Gap and Nordstrom fell more than 20%, but Kohl’s Up by more than 10% A week ago, after reporting strong sales growth.

Retail executives talked about how they manage supply chain issues and inflation this quarter. It remains to be seen whether discussions surrounding supply chain issues will cause consumers to start holiday shopping early, which may affect sales in the fourth quarter.

Sarah Henry, the portfolio manager of Logan Capital Management, said: “I wouldn’t be surprised if this is the dynamic during the holidays.” She added that her company is looking for companies with long-term strategic advantages, rather than trying to bet. Note the best holiday sales results.

We also saw several strong economic reports on Wednesday, personal income and consumer spending in October were higher than expected, and The number of first-time jobless claims has reached the lowest level since 1969However, the core PCE, the Fed’s preferred inflation indicator, Stay at a high of 4.1%.

No important economic data was released on Friday. Due to the weekend holiday, the stock market will close at 1pm Eastern Time on Friday.

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