US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recouping a portion of Thursday’s market sell off that had been led by technologies stocks.
- #Absent a good Friday rally, stocks are set in place to capture their first back-to-back week of losses since March, once the COVID-19 pandemic was forward and facility of investors’ thoughts.
- #Oil fell as investors continued to process a report from the American Petroleum Institute which mentioned US stockpiles improved by nearly 3 million barrels. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 a barrel.
- # Bitcoin rose to 10K
Tech stocks spearheaded gains on Friday amid volatile trading as investors sized up better-than-expected earnings from Oracle as well as Peloton.
Though Friday’s initial jump higher in the futures markets won’t be enough to prevent another week of losses for investors. All 3 leading indexes are on track to capture back-to-back weekly losses for the first time since early March, as soon as the COVID-19 pandemic was forward and club of investors’ minds.
Here’s the place US indexes stood shortly after the 9:30 a.m. ET marketplace open on Friday:
S&P 500: 3,354.78, up 0.5%
Dow Jones industrial average: 27,641.80, up 0.4 % (117 points)
Nasdaq composite: 10,976.01, up 0.5%
Goldman Sachs updated its third quarter GDP forecast on Thursday to 35 % annualized growth, prompted by a stronger-than-expected August jobs report. The US included 1.37 million jobs in August, more than an expected fact of 1.35 million jobs.
Economists surveyed by Bloomberg expect third-quarter GDP development of 21 %.
Peloton surged on Friday after the fitness business cruised to the very first quarterly benefit of its on the back of increased spending on its bikes and treadmills during the COVID 19 pandemic. Oracle likewise posted a strong quarter of earnings growth, surpassing analyst expectations because of increased demand for its cloud services.
Oil extended the decline of its from Thursday as investors digested stories of depressed demand due to the COVID 19 pandemic and of improved source from US oil producers. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 a barrel. Brent crude, oil’s international standard, fell 1.7 %, to $39.38 a barrel, at intraday lows.