US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recovering a part of Thursday’s market sell-off that was led by technology stocks.
- #Absent a strong Friday rally, stocks are set to record the very first back-to-back week of theirs of losses since March, once the COVID-19 pandemic was front side and club in investors’ brains.
- #Oil fell as investors carried on to digest an article from the American Petroleum Institute which stated US stockpiles enhanced by nearly three million barrels. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 per barrel.
- # Bitcoin rose to 10K
Tech stocks spearheaded gains on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton and Oracle.
although Friday’s initial jump higher in the futures markets won’t be more than enough to stop yet another week of losses for investors. All 3 leading indexes are actually on track to capture back-to-back weekly losses for the very first time since early March, when the COVID-19 pandemic was front side and club of investors’ thoughts.
Here is 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 35 % annualized progression, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million jobs in August, much more than an anticipated inclusion 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 the first quarterly benefit of its on the rear of increased spending on its bicycles and treadmills while in the COVID 19 pandemic. Oracle additionally posted a solid quarter of earnings growth, surpassing analyst expectations thanks to increased need for its cloud services.
Spot gold rose 0.3 %, to $1,952.22 per ounce. The prized metal has stayed in a narrow trading assortment of $1,900 to $2,000. Both the US dollar as well as Treasury yields traded horizontal on Friday.
Oil extended its decline from Thursday as investors digested accounts of depressed demand because of the COVID 19 pandemic and of enhanced source from US oil producers. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 per barrel. Brent crude, oil’s international standard format, fell 1.7 %, to $39.38 a barrel, at intraday lows.