US stocks open mixed on short trading day

NEW YORK, Nov 25 — Wall Street stocks saw a mixed opening today with many US offices in holiday mode after the Thanksgiving day break, while consumers headed to stores in search of bargains amid soaring inflation.

Analysts expect a quiet day of trading with markets closing around midday and all eyes are on retailers as the holiday shopping season kicks off.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 per cent at 34,262.67.

The broad-based S&P 500 slipped 0.1 per cent to 4,024.11, while the tech-rich Nasdaq Composite Index dipped 0.5 percent to 11,225.58.

With no macroeconomic data due today, “everyone will be looking at good Black Friday purchases,” said Peter Cardillo of Spartan Capital Securities.

This situation could “concentrate some of today’s thin trading interest on the retail stocks,” added Patrick O’Hare of Briefing.com.

But he noted that Apple shares were a standout by falling in pre-market trading, with investors fretting over a potential hit to production after violent protests at a vast iPhone factory in China.

Apple shares were down two percent shortly after the market opened.

The protests in China came about as workers at Foxconn’s factory in the central city of Zhengzhou clashed with security guards over pay and living conditions.

Staff had been under Covid restrictions for weeks, chafing under living conditions that some described as chaotic.

China is still observing a strict zero-Covid policy and authorities are grappling with a surge in cases. — AFP