Friday the 13th might make some investors a little cautious, but there are more tangible issues for markets to focus on this morning. Wall Street finished lower after a volatile session, while attention remains on inflation, interest-rate expectations and the strength of the global technology trade.

Closer to home, the latest performance figures also show a clear divide between Australia’s largest companies and the smaller end of the market. And with Black Friday shopping events approaching, retailers will be looking for consumers to loosen the purse strings.

US markets finished Thursday in the red, with the S&P 500 slipping 0.4% to 7,592.40. The Dow Jones also lost 0.4% to 52,297.09, while the Nasdaq fell 0.4% to 25,366.09. The smaller-cap Russell 2000 underperformed, dropping 1.7%.

The session was volatile, with the major indexes recovering some of their early losses before the close. Investors continue to weigh the outlook for interest rates against concerns around inflation and elevated technology valuations.

Technology infrastructure also made headlines after a widespread Microsoft 365 disruption affected Outlook and Teams users on Thursday. Microsoft said it was working to restore services, highlighting how dependent businesses have become on cloud-based platforms. The incident is worth watching for any further operational or market implications, although there is no reason to assume a direct impact on Australian-listed companies.

Locally, investors can keep an eye on company results and annual general meetings, including GNP’s third-quarter results and scheduled meetings for companies such as FMR, KAU and IXR.

Overseas, US producer price data for October is due later in the US session. The figures will provide another indication of whether inflationary pressures are easing or remaining stubborn, particularly as markets reassess the Federal Reserve’s next move.

The latest index figures highlight how uneven the Australian market has become.

As at Thursday’s close, the S&P/ASX 20 was up 10.67% for the year, comfortably ahead of the S&P/ASX MidCap 50, which had gained just 0.59%. At the smaller end, the S&P/ASX Emerging Companies Index was down 10.98% year to date.

Thursday’s session also showed the difference, with the ASX 20 gaining 0.26%, while the MidCap 50 fell 0.76% and the Emerging Companies Index lost 1.46%.

For investors looking beyond the largest names on the market, the figures underline how difficult conditions have been for emerging companies, despite some improvement in the broader mid-cap and small-cap space over the month.

Among the larger company updates, Orica reported FY26 net profit before significant items of $589.7 million, up 9% on the previous year. Xero also lifted its FY27 revenue guidance following its first-half results and announced a $1 billion share buyback.

Retailers are also moving into focus as Black Friday approaches on 27 November. Adairs recently reported that sales were down 1.5% in the early part of the second quarter, while pointing to the importance of Black Friday, Christmas and Boxing Day trading in the weeks ahead. The upcoming sales period will provide an important test of consumer spending.

Digital assets have also been under pressure. Bitcoin fell to around US$73,370 on Thursday, its weakest level in almost three months, while Ethereum slipped to approximately US$2,042.

The pullback comes amid a more cautious tone across risk assets, with investors watching whether the recent weakness develops into a broader correction or attracts buyers at lower levels.

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