US stocks rebound on tech rally amid volatile trading
- #US stocks climbed on Friday, recovering a percentage of Thursday’s market sell-off that had been led by technologies stocks.
- #Absent a strong Friday rally, stocks are set to record their first back-to-back week of losses since March, when the COVID 19 pandemic was forward and school of investors’ brains.
- #Oil fell as investors carried on to break down a report from the American Petroleum Institute which stated US stockpiles increased by nearly 3 million barrels. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 per barrel.
- # Bitcoin rose to 10K
Tech stocks spearheaded benefits on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton as well as Oracle.
But Friday’s original jump higher in the futures markets won’t be more than enough to prevent an additional week of losses for investors. All 3 main indexes are actually on track to record back-to-back weekly losses for the very first time since early March, as soon as the COVID-19 pandemic was front and school of investors’ brains.
Here’s just where US indexes stood shortly after the 9:30 a.m. ET industry 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 included 1.37 million jobs in August, more than an expected inclusion of 1.35 million jobs.
Economists surveyed by Bloomberg count on third-quarter GDP expansion of 21 %.
Peloton surged on Friday after the health organization cruised to its first quarterly benefit on the back of increased spending on its cycles and treadmills during the COVID 19 pandemic. Oracle also posted a strong quarter of earnings growth, surpassing analyst expectations thanks to increased need for its cloud services.
Oil extended its decline from Thursday as investors digested reports of depressed need because of the 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 format, fell 1.7 %, to $39.38 per barrel, at intraday lows.