Stock markets drift higher to end a rocky holiday week

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By Daniel Shvartsman

AiVIF.com - Markets drifted higher in thin trading Friday morning on their way to a quiet closing of a rocky holiday week.

As of 10:33 ET (15:33 GMT), the Nasdaq had crawled back to even after being down over a percent, while the S&P 500 and the Dow Jones Industrial Average were each up about 0.3%.

The last trading days of the year are often marked by slower trading and tax-loss selling, and that seemed to weigh on certain big names. Tesla (NASDAQ:TSLA) traded down 2% despite CEO Elon Musk's assurance he wouldn't sell any more Tesla shares for two years, marking a new 52-week low for the stock. Carnival Cruises (NYSE:CCL) was among the other leading losers on the S&P 500, down 2.9%.

A bevy of energy names traded higher, following crude oil's rise. Hess Corporation (NYSE:HES), ConocoPhillips (NYSE:COP), and APA Corporation (NASDAQ:APA) were the key gainers, each up about 3.5% on the day.

Meta Platforms Inc (NASDAQ:META) rebounded to trade 0.2% higher despite facing estimate cuts from Needham & Company. And AMC Entertainment Holdings Preferred Units (NYSE:APE) spiked 53% while AMC Entertainment Holdings Inc (NYSE:AMC) common stock dropped 8.5% as the market continues to digest a planned conversion of APE to AMC along with a reverse stock split of AMC.

The U.S. market's muted trading comes in the wake of record outflows from equity positions as tracked by Bank of America.

And while the week has been volatile, with three days of more than 0.9% moves in the S&P 500, Friday trading has the market on pace to close the week in line with where it started, before the three-day Christmas holiday weekend.