US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recouping a part of Thursday’s market sell-off which was led by technologies stocks.
- #Absent a strong Friday rally, stocks are set in place to capture the first back-to-back week of theirs of losses since March, once the COVID 19 pandemic was forward and center in investors’ thoughts.
- #Oil fell as investors went on to break down an article from the American Petroleum Institute which mentioned US stockpiles enhanced by nearly three 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.
But Friday’s initial jump higher in the futures markets will not be enough to prevent an additional week of losses for investors. All three major indexes are actually on the right track to film back-to-back weekly losses for the first time since early March, once the COVID 19 pandemic was front side and center of investors’ brains.
Here’s the place US indexes stood shortly after the 9:30 a.m. ET 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 thirty five % annualized progression, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million jobs 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 fitness company cruised to its first quarterly benefit on the rear of increased spending on its treadmills and cycles during the COVID 19 pandemic. Oracle likewise posted a solid quarter of earnings growth, surpassing analyst expectations thanks to increased need for its cloud services.
Oil extended its decline offered by Thursday as investors digested accounts of depressed demand due to the COVID-19 pandemic and of increased supply 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.