1703855667 5 things to know before the stock market opens on

5 things to know before the stock market opens on Friday

Friday is the last trading day of 2023 and the S&P 500 is just 0.28% away from the all-time closing high it targeted this week. The broad market index was little changed on Thursday, up more than 24% year-to-date with just one session to go. The Dow Jones Industrial Average, already at a record high, gained 0.14% on Thursday and is up nearly 14% year-to-date, while the Nasdaq Composite held steady, up 44% year-to-date. Follow live market updates.

Ahead of the Thanksgiving holiday and traditional Black Friday sales, shoppers gather at a Target store in Chicago, Illinois, U.S., November 21, 2023.

Vincent Alban | Portal

The consumer spending boom may be coming to an end as some companies begin to lose their pricing power. The Covid pandemic ushered in a long period of big spending on everything from home improvement to travel and restaurants. And inflation only helped support prices. But with falling prices, falling demand and improving supply, the era of price-resistant spending may be over for some. FedEx, Nike and Target have all cut their revenue forecasts, and Spirit Airlines, Hasbro and others have focused on cost cutting to maintain profits in the face of declining revenue.

Adam Neumann of WeWork and Victor Fung Kwok-king (right), Chairman of Fung Group, attend a signing ceremony at WeWork's Weihai Road location in Shanghai, China, 12 April 2018.

Jackal pan | Visual China Group | Getty Images

This year marked the end of cheap money for tech startups as venture capitalists scooped up the record amounts of funding they had poured into new companies. This lack of easy money led to several high-profile failures. WeWork and Bird filed for bankruptcy, while fads like Hyperloop One, video conferencing startup Hopin and social audio company Clubhouse disappeared. It is likely that more startup bubbles will burst in 2024 as funding for unsustainable companies continues to become scarce. Still, some venture capitalists say there is still money for good companies.

Amazon customer with access to Affirm's Buy Now, Pay Later option at checkout.

Courtesy of Amazon Inc.

Affirm has made quite a turnaround this year. As of Thursday's close, the stock is up 430% so far in 2023, outperforming all other U.S. tech companies valued at $5 billion or more. This is a drastic turnaround from last year, when 2022 ended 90% down and billions of dollars in market value was wiped out. Investors are optimistic after Affirm struck partnerships with Amazon, Walmart and other retailers. Strategists point out that Affirm faces challenges but is currently leading the buy now, pay later boom.

Exterior view of a long-haul Boeing 737 MAX 10 at the Farnborough Airshow on July 18, 2022 in Farnborough, England.

Richard Baker | In pictures | Getty Images

The infamous 737 Max plane may have a different problem. Boeing is asking airlines to inspect the plane for a “possible loose bolt” in the rudder control system. It's simply the latest quality edition of Boeing's bestseller. The company said inspections would take about two hours per aircraft and all new aircraft would be inspected before delivery. Alaska Airlines, American Airlines and United Airlines, which are among the largest 737 Max customers, all said they did not expect the checks to have any impact on operations.

— CNBC's Samantha Subin, Leslie Josephs, Rohan Goswami and Annie Palmer contributed to this report.

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