Stocks opened higher Friday, buoyed by global stock markets, Black Friday and China, as the market geared up for a shortened, post-holiday session.
XThe Dow Jones industrial average and the S&P 500 opened 0.2% higher. The Nasdaq Composite managed a 0.1% advance, as Apple (AAPL) slipped 0.1% and the four FANG stocks were mixed.
The stock market closes at 1 p.m. ET, its traditional post-Thanksgiving Day schedule. Bond markets will wrap up at 2 p.m. Most federal government offices are closed Friday, with the only notable economic reports coming from researcher Markit's release of its preliminary composite purchasing managers' index at 9:45 a.m. ET.
Oil prices jumped more than 1%, lifting U.S. benchmark oil well above $58 per barrel — putting it ahead almost 4% in a week. Bloomberg reported early Friday that Russia and the Organization for Petroleum Exporting Countries had outlined a deal that would extend current production limits through 2018. A formal agreement had not yet been reached covering the specifics of the arrangement, the report said, but representatives on both sides agreed to the need for an extension announcement at the Nov. 30 OPEC meeting.
General Electric (GE) jumped 1%, leading the Dow's early action. Intel (INTC) led the early decliners, down 0.3%.
Consumer products exporters will be in focus on Friday, as investors sort through the potential impact of a sharp cut in import taxes announced by China. A statement from the Ministry of Finance said the country would reduce tariffs from an average 17.3% to 7.7% on a broad range of goods, from pharmaceuticals and alcohol, to baby formula and diapers.
Qualcomm (QCOM) rose 0.8%, Broadcom (AVGO) gained 0.6% at the starting bell, as news reports said Broadcom was considering increasing its takeover bid. Last week, Qualcomm rejected a 70-per share offer. Broadcom shares are extended above a 259.46 buy point in a flat base.
Riot Blockchain (RIOT) bolted 21% higher in opening trade. The Bitcoin and Etherum investor spiked 97% for the week through Wednesday.
Tesla (TSLA) shed 0.2%, after the Wall Street Journal reported the company was powering up a 100-megawatt battery storage project in south Australia. Tesla Chief Executive Elon Musk had pledged the project, the price of which has been estimated at nearly $50 million, would be finished within "100 days of the contract signature or it is free." Tesla shares have been trading along the bottom of a three-month consolidation for four weeks.
Oil producer Sandridge Energy (SD) vaulted 1o% higher. News reports Wednesday said activist investor Carl Icahn had established a 13.5% stake in the company, and had plans to agitate against the company's planned acquisition of Bonanza Creek Energy (BCEI). Bonanza Creek shares dropped 0.2% in early trade.
Global markets were a net positive on U.S. premarket action, as benchmarks across Europe and Asia bounced back from losses on Thursday. Hong Kong's Hang Seng Index jumped 0.5%. Frankfurt's DAX rallied 0.9% in afternoon trade and the CAC-40 in Paris vaulted 0.6%. London's FTSE 100 showed a 0.1% decline.
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