US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, recovering a part of Thursday’s market sell-off which was led by technology stocks.
  • #Absent a strong Friday rally, stocks are actually set to record their very first back-to-back week of losses since March, once the COVID-19 pandemic was front side and school in investors’ brains.
  • #Oil fell as investors continued to digest a report from the American Petroleum Institute which mentioned US stockpiles increased by nearly three million barrels. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 per barrel.
  • # Bitcoin rose to 10K

US stocks climbed on Friday, helping recovering a percentage of Thursday’s stock market sell off that was led by technological know-how stocks.

Tech stocks spearheaded profits on Friday amid volatile trading as investors sized up better-than-expected earnings from Oracle as well as Peloton.

Though Friday’s initial jump higher in the futures markets won’t be enough to stop another week of losses for investors. All 3 major indexes are actually on course to film back-to-back weekly losses for the first time since early March, when the COVID-19 pandemic was front and facility of investors’ brains.
Here is 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 35 % annualized progression, prompted by a stronger-than-expected August jobs report. The US put in 1.37 million tasks 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 health company cruised to the first quarterly benefit of its on the rear of increased spending on its treadmills and bikes during the COVID-19 pandemic. Oracle also posted a good quarter of earnings growth, surpassing analyst expectations because of increased demand for its cloud services.

Spot gold rose 0.3 %, to $1,952.22 per ounce. The prized metal has remained to a narrow trading range of $1,900 to $2,000. Both the US dollar and Treasury yields traded horizontal on Friday.

Oil extended the decline of its offered by Thursday as investors digested stories of depressed interest 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 per barrel. Brent crude, oil’s international image standard, fell 1.7 %, to $39.38 per barrel, at intraday lows.