US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, retrieving a part of Thursday’s market sell off that had been led by technology stocks.
  • #Absent a strong Friday rally, stocks are set in place to capture their first back-to-back week of losses since March, as soon as the COVID 19 pandemic was forward and club of investors’ thoughts.
  • #Oil fell as investors carried on to break down an article from the American Petroleum Institute which mentioned US stockpiles increased by about 3 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 part of Thursday’s stock market sell-off that was led by technologies stocks.

Tech stocks spearheaded gains 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 enough to prevent an additional week of losses for investors. All 3 leading indexes are on track to capture back-to-back weekly losses for the first time since early March, when the COVID 19 pandemic was front and center of investors’ minds.
Here’s just where 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 the third quarter GDP forecast of its on Thursday to thirty five % annualized progression, prompted by a stronger-than-expected August jobs report. The US included 1.37 million tasks in August, much more than an expected fact of 1.35 million jobs.

Economists surveyed by Bloomberg count on third quarter GDP expansion of twenty one %.
Peloton surged on Friday after the fitness business cruised to the very first quarterly profit of its on the back of increased spending on its treadmills and bicycles during the COVID-19 pandemic. Oracle additionally posted a strong quarter of earnings growth, surpassing analyst expectations because of increased need for the cloud services of its.

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

Oil extended its decline offered by Thursday as investors digested reports of depressed demand because of 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 format, fell 1.7 %, to $39.38 per barrel, at intraday lows.

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