US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recouping a part of Thursday’s market sell-off which was led by technology stocks.
- #Absent a good Friday rally, stocks are set in place to capture their very first back-to-back week of losses since March, when the COVID-19 pandemic was front side and school of investors’ minds.
- #Oil fell as investors continued to process an article from the American Petroleum Institute which mentioned US stockpiles improved by almost three million barrels. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 per barrel.
- # Bitcoin rose to 10K
Tech stocks spearheaded profits on Friday amid volatile trading as investors sized up better-than-expected earnings from Oracle as well as Peloton.
although Friday’s initial jump higher in the futures markets will not be enough to stop yet another week of losses for investors. All three leading indexes are actually on the right track to record back-to-back weekly losses for the very first time since early March, once the COVID 19 pandemic was front and center in investors’ thoughts.
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 35 % annualized progress, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million projects in August, much more than an anticipated addition of 1.35 million jobs.
Economists surveyed by Bloomberg expect to see third quarter GDP development of 21 %.
Peloton surged on Friday after the health company cruised to its first quarterly profit on the rear of increased spending on its bicycles and treadmills while in the COVID 19 pandemic. Oracle likewise posted a strong quarter of earnings growth, surpassing analyst expectations thanks to increased need for its cloud services.
Oil extended its decline offered by Thursday as investors digested accounts of depressed need as a result of COVID 19 pandemic and of improved supply from US oil producers. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 per barrel. Brent crude, oil’s international standard, fell 1.7 %, to $39.38 a barrel, at intraday lows.