US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, retrieving a part of Thursday’s market sell off which was led by technology stocks.
  • #Absent a solid Friday rally, stocks are actually set to capture their very first back-to-back week of losses since March, as soon as the COVID 19 pandemic was forward and center of investors’ brains.
  • #Oil fell as investors went on to process an article from the American Petroleum Institute that 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

US stocks climbed on Friday, helping recovering a percentage of Thursday’s stock market sell-off which was led by technological know-how stocks.

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

Though Friday’s original jump higher in the futures markets will not be more than enough to stop 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, when the COVID-19 pandemic was front side and club in investors’ brains.
Here’s 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 thirty five % annualized progress, prompted by a stronger-than-expected August jobs report. The US added 1.37 million projects 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 company cruised to its very first quarterly profit on the back of increased spending on its treadmills and bicycles during the COVID 19 pandemic. Oracle also posted a good quarter of earnings growth, surpassing analyst expectations because of increased demand for its cloud services.

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

Oil extended the decline of its from Thursday as investors digested accounts of depressed interest as a result of 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 image standard, fell 1.7 %, to $39.38 a barrel, at intraday lows.

Related Post