Hey there, readers!
I hope you're having a fantastic day. Let's dive into the latest news in the world of stocks and technology.
U.S. stocks mostly managed a decent turnout on Friday in the last trading session before Christmas. The S&P 500 and Nasdaq both closed the day up, though the Dow Jones Industrial Average was dragged down by Nike, which saw its share price slide nearly 12% after cutting its outlook for the remainder of its fiscal year that ends in May. The company said it plans to cope with softening demand with an ambitious cost-cutting program and by improving its products.
Most Dow stocks closed the day in positive territory, but Nike's worst single-day tumble in more than a year took the price-weighted index down 18 points, or 0.05%, by the closing bell. The S&P 500 picked up 0.2% by the close, ending its eighth consecutive week of gains. Likewise, the Nasdaq Composite rose 0.2% to close the week with a 1.2% gain.
U.S. videogame stocks also did surprisingly well following a sharp selloff in their Asian counterparts after Chinese regulators announced proposed restrictions on incentives that videogame makers typically employ to drive more player engagement and in-game spending. Stocks of Chinese game giants Tencent and Netease lost 13% and 25% of their value, respectively. But on the U.S. side, Take-Two and Roblox made gains while Electronic Arts slipped only 0.2% as those publishers generate limited revenue in China due to their partnerships with local game companies.
That's all for now, folks! Stay tuned for more updates and have a wonderful day!
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