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 solid Friday rally, stocks are set in place to record their very first back-to-back week of losses since March, when the COVID 19 pandemic was front and club of investors’ thoughts.
- #Oil fell as investors continued to break down an article from the American Petroleum Institute which mentioned US stockpiles increased by almost three million barrels. West Texas Intermediate crude sank pretty much as 1.7 %, to $36.67 a barrel.
- # Bitcoin rose to 10K
US stocks climbed on Friday, helping recovering a part of Thursday’s stock market sell-off that had been led by technology stocks.
Tech stocks spearheaded gains on Friday amid volatile trading as investors sized up better-than-expected earnings from Oracle as well as Peloton.
But Friday’s initial jump higher in the futures markets will not be enough to stop an additional week of losses for investors. All three major indexes are actually on track to capture back-to-back weekly losses for the first time since early March, once the COVID 19 pandemic was forward and school in investors’ thoughts.
Here is just where US indexes stood shortly after the 9:30 a.m. ET marketplace 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 thirty five % 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 count on third-quarter GDP development of twenty one %.
Peloton surged on Friday after the fitness company cruised to its first quarterly benefit on the backside of increased spending on its bikes and treadmills during the COVID 19 pandemic. Oracle also posted a good 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 remained to a narrow trading range of $1,900 to $2,000. Both the US dollar and Treasury yields traded flat on Friday.
Oil extended the decline of its from Thursday as investors digested reports 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.