US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recouping a portion of Thursday’s market sell off which was led by technology stocks.
- #Absent a good Friday rally, stocks are actually set in place to capture their very first back-to-back week of losses since March, when the COVID-19 pandemic was front and school of investors’ thoughts.
- #Oil fell as investors carried on to process a report from the American Petroleum Institute which mentioned US stockpiles enhanced by almost 3 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.
Though Friday’s original jump higher in the futures markets won’t be enough to stop yet another week of losses for investors. All three main indexes are actually on course to capture back-to-back weekly losses for the very first time since early March, as soon as the COVID 19 pandemic was front and school in investors’ minds.
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 35 % annualized growth, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million projects in August, more than an expected fact of 1.35 million jobs.
Economists surveyed by Bloomberg expect third quarter GDP expansion of 21 %.
Peloton surged on Friday after the fitness company cruised to the first quarterly profit of its on the back of increased spending on its treadmills and bikes during the COVID-19 pandemic. Oracle additionally posted a solid quarter of earnings growth, surpassing analyst expectations thanks to increased demand for its cloud services.
Oil extended the decline of its offered by Thursday as investors digested accounts of depressed demand because of the COVID-19 pandemic and of enhanced 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 per barrel, at intraday lows.