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On the last day of trading ahead of the Christmas holiday, fresh figures indicated that inflation has continued easing.

Prices fell in November for the first time in more than three years, fresh personal-consumption expenditures price index data showed.

That lifted stocks, with all three major U.S. indexes on course for weekly gains.

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Nike (NKE): Nike shares fell 10% after the sneaker giant cut its revenue outlook for the year.

Foot Locker (FL): The tepid outlook from Nike weighed on other sportswear stocks, with Foot Locker and Under Armour falling. U.S.-listed shares of Adidas rose in early trading

Lions Gate Entertainment (LGF.A): The stock rose after the company agreed to merge its studios business with the special-purpose acquisition company Screaming Eagle Acquisition.

Tencent (HK: 700), (TCEHY): The gaming and social-media giant’s stock dropped 12% after China proposed new curbs on online gaming. Shares in rival NetEase (HK:9999), (NTES) plummeted 25%.

Prosus (NL:PRX), Ubisoft (FR:UBI): China’s gaming restrictions rippled through markets in Europe, where stock in major Tencent investor Prosus fell sharply. Shares in the Paris-listed videogame company Ubisoft also retreated.

Bristol Myers Squibb (BMY): The drug maker agreed to buy neuroscience drug developer Karuna Therapeutics (KRTX) for $14 billion. Bristol expects the deal to close in the first half of next year. Karuna shares surged.

U.S. Steel (X): The White House said Nippon Steel’s $14.1 billion purchase of U.S. Steel deserved “serious scrutiny” due to its potential impact on national security and supply chains.

Image: Nasdaq