US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recouping a part of Thursday’s market sell off that had been led by technologies stocks.
- #Absent a good Friday rally, stocks are set to capture their first back-to-back week of losses since March, when the COVID-19 pandemic was front side and center in investors’ thoughts.
- #Oil fell as investors carried on to digest an article from the American Petroleum Institute that mentioned US stockpiles enhanced by almost 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.
although Friday’s initial jump higher in the futures markets will not be enough to prevent an additional week of losses for investors. All 3 leading indexes are actually on course to capture back-to-back weekly losses for the very first time since early March, once the COVID 19 pandemic was front side and facility in 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 the third-quarter GDP forecast of its on Thursday to 35 % annualized growth, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million jobs in August, more than an anticipated fact of 1.35 million jobs.
Economists surveyed by Bloomberg expect third-quarter GDP development of twenty one %.
Peloton surged on Friday after the fitness organization cruised to its first quarterly profit on the backside of increased spending on its treadmills and cycles while in the COVID 19 pandemic. Oracle additionally posted a good quarter of earnings growth, surpassing analyst expectations because of increased demand for its cloud services.
Oil extended its decline from Thursday as investors digested reports of depressed need due to the COVID-19 pandemic and of increased source from US oil producers. West Texas Intermediate crude sank pretty 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.