US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, retrieving a portion of Thursday’s market sell off that had been led by technological know-how stocks.
  • #Absent a solid Friday rally, stocks are set in place to capture their very first back-to-back week of losses since March, when the COVID 19 pandemic was front side and center in investors’ brains.
  • #Oil fell as investors went on to digest an article from the American Petroleum Institute which said US stockpiles improved by almost three million barrels. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 per barrel.
  • # Bitcoin rose to 10K

US stocks climbed on Friday, helping to recover a percentage of Thursday’s stock market sell-off which was led by technology stocks.

Tech stocks spearheaded profits on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton and Oracle.

But Friday’s initial jump higher in the futures markets won’t be enough to stop an additional week of losses for investors. All 3 leading indexes are on track to film back-to-back weekly losses for the very first time since early March, once the COVID 19 pandemic was front and club of investors’ minds.
Here is where US indexes stood shortly after the 9:30 a.m. ET niche market 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 progression, prompted by a stronger-than-expected August jobs report. The US added 1.37 million projects in August, more than an expected inclusion of 1.35 million jobs.

Economists surveyed by Bloomberg expect to see third quarter GDP expansion of 21 %.
Peloton surged on Friday after the health company cruised to its very first quarterly benefit on the rear 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 thanks to increased need for the cloud services of its.

Spot gold rose 0.3 %, to $1,952.22 per ounce. The precious metal has remained in a narrow trading assortment of $1,900 to $2,000. Both the US dollar as well as Treasury yields traded level on Friday.

Oil extended the decline of its from Thursday as investors digested accounts of depressed need due to the COVID 19 pandemic and of increased supply from US oil producers. West Texas Intermediate crude sank almost 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.