The S&P/ASX 200 index (ASX: XJO) had a rather uneventful session on Friday, slipping by 0.1%, or 8.1 points for the day.
The ASX 200 closed at 8,426.2 points, a shade off its all-time highs of 8,444 points achieved in yesterday's session.
Zooming out, the index is up 11% this year to date, underlined by strength across the banks, healthcare and technology.
Let's hone in on the session to see what went down.
Image source: Getty Images
Why was the ASX 200 so quiet?
It was a quiet day on the ASX 200 today, and the trend has been felt throughout global indexes. For instance, the S&P 500 Index (SP: .INX) is currently down less than 1% in premarket trading, reversing a five-day winning streak.
Part of the reason for the lull might be Thanksgiving, which is held in the United States on 28 November. US markets were subsequently closed for the Thanksgiving holiday. Black Friday sales may also be taking consumer attention — and their spare investment funds — away from the share market today.
Here on the ASX 200, seven out of the eleven sectors on the ASX 200 closed in the red today, contributing to the overall sluggish performance.
The materials, information tech, energy and consumer discretionary sectors were the winners for the day, but don't carry enough weight in the index to keep it strung up.
The healthcare and financial sectors, in particular, struggled. CSL Ltd (ASX: CSL) finished down nearly 2%, and the largest ASX stock by market value, Commonwealth Bank of Australia (ASX: CBA) slipped nearly 1% amid news of an ongoing class action.
Economists from ANZ, meanwhile, have pushed out their expectations for a rate cut from the Reserve Bank of Australia (RBA).
Previously, the bank predicted an interest rate cut by February 2024, but now its expectations have shifted to May.
Interest rates have a direct impact on financial markets, including the ASX 200, as they are used in the valuations of financial assets.
Fixed-interest investments also become more attractive in a higher-rate environment, also impacting investment decisions.
Notable talking points
It was a quiet day on the ASX 200, but brokers were active. Canaccord upgraded Myer Holdings Ltd (ASX: MYR) to a buy, while CLSA gave Cleanaway Waste Management Ltd (ASX: CWY) a buy rating.
Bell Potter gave Catapult Group International Ltd (ASX: CAT) a buy with an upped price target of $4 apiece. Macquarie reckons QBE Insurance Group Ltd (ASX: QBE) could be set to perform, rating it a buy.
On the flip side, Macquarie downgraded Star Entertainment (ASX: SGR) to a sell. Shares continue to struggle, hitting a low of 19 cents during today's session.
Heading into next week, Incitec Pivot Ltd (ASX: IPL) and Dalrymple Bay Infrastructure Ltd (ASX: DBI) have ex-dividend dates,
According to my colleague James, gold and oil prices will also be discussed after today's price action.
The ASX 200 is up more than 11% this year to date.
