US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, retrieving a part of Thursday’s market sell off that had been led by technology stocks.
  • #Absent a solid Friday rally, stocks are actually established to capture their very first back-to-back week of losses since March, once the COVID-19 pandemic was front and center in investors’ thoughts.
  • #Oil fell as investors went on to break down a report from the American Petroleum Institute that stated US stockpiles improved by almost 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 to recover a part of Thursday’s stock market sell-off which was led by technologies stocks.

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

although Friday’s original jump higher in the futures markets won’t be more than enough to stop yet another week of losses for investors. All 3 main indexes are on the right track to record back-to-back weekly losses for the very first time since early March, when the COVID 19 pandemic was front and facility in investors’ minds.
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 anticipated addition of 1.35 million jobs.

Economists surveyed by Bloomberg expect third-quarter GDP development of 21 %.
Peloton surged on Friday after the health company cruised to its first quarterly benefit on the back of increased spending on its bikes and treadmills during the COVID-19 pandemic. Oracle also posted a strong quarter of earnings growth, surpassing analyst expectations because of increased demand for the cloud services of its.

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

Oil extended its decline offered by Thursday as investors digested stories of depressed interest due to the COVID 19 pandemic and of improved supply from US oil producers. West Texas Intermediate crude sank almost 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.

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