The S&P 500 gained 0.06% and the Nasdaq Composite slipped 0.40%, weighed down by shares of Activision Blizzard, which fell more than 4% on news that the FTC could block Microsoft from taking over the gaming company.
Stocks jumped on the news Wednesday, notching the second consecutive day of gains in a week marked by choppy trading and low volumes.Activision Blizzard – Shares of the video game company slid more than 4% after Politico reported the Federal Trade Commission is likely to sue to block Microsoft's $69 billion acquisition of Activision Blizzard.Stocks were on pace for a weekly gain in midday trading Friday, during a shortened day and week due to the Thanksgiving holiday.Stocks opened little changed on Friday ahead of the short trading day as Wall Street looks to close out a winning holiday week.The Dow Jones Industrial Average rose 19 points, or 0.09%.Futures on the Dow Jones Industrial Average rose 18 points, or 0.05%.S&P 500 futures lost 0.07% and Nasdaq 100 futures slipped 0.40%, weighed down by shares of Activision Blizzard, which fell in premarket trading on news that the FTC could block Microsoft from taking over the gaming company.
The Dow is 9.1% above its 50-day moving average, Bespoke said in a tweet on Friday.That is the highest since June 2020 and only the eight time since 1990 that it has been at least 9% above the moving average.
The 50-day moving average is one benchmark that traders use to predict short-term market moves.When an average is abnormally above its moving average, it could be a sign that it is overbought.
Here's some of the stocks making the biggest premarket moves Friday during a shortened trading day.Manchester United (MANU) – Shares of the soccer team jumped another 10.8% after posting two double-digit rallies on Tuesday and Wednesday following reports earlier in the week that it was considering strategic options, including a possible sale.Shares of Amazon were little changed in Friday premarket trading.Activision Blizzard shares shed 3.7% before the bell Friday on news that Microsoft's roughly $69 billion takeover of the company faces potential antitrust scrutiny?