Wall Street mixed despite Black Friday sales, as Australians prepare to spend big

The Australian share market is expected to drift along with Wall Street on Thursday, with US investors seemingly nonplussed over America's Black Friday sales boost.

Key points:

  • Wall Street was having mixed results in late trading
  • Inflation concerns are continuing in US
  • Retailers are expecting a boost from the Black Friday sales period

At 7am AEDT, ASX 200 futures were flat.

Wall Street was having mixed outcomes in late trade (local time). The Dow Jones was slightly down (-0.1pc) but the other two major indexes were trading up.

Retail stocks were having mixed fortunes despite the US sales period known as Black Friday kicking off. The imported sales period has now begun in Australia too.

Nordstrom and Gap both plunged more than 23 per cent after each reported weak quarterly reports.

Both also warned of supply chain problems just ahead of Black Friday.

Even the retail index was flat after US consumer spending data showed Americans had been spending more in October.

This suggested consumers had already done their bargain hunting ahead of the sales period.

Meanwhile, inflation concerns are continuing US.

The US dollar rose against currencies as investors mulled that the US Federal Reserve would indeed begin hiking rates sooner than expected to tackle record-breaking inflation.

The Australian dollar was down 0.4 per cent to 71.95 US cents.

More to come.

Source: https://www.abc.net.au/news

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