US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, retrieving a portion of Thursday’s market sell-off which was led by technology stocks.
  • #Absent a strong Friday rally, stocks are set to record the first back-to-back week of theirs of losses since March, when the COVID 19 pandemic was front side and facility of investors’ minds.
  • #Oil fell as investors went on to digest an article from the American Petroleum Institute which said US stockpiles increased by almost 3 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 portion 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 Peloton and Oracle.

But Friday’s initial jump higher in the futures markets won’t be enough to stop yet another week of losses for investors. All 3 leading indexes are on track to record back-to-back weekly losses for the very first time since early March, once the COVID-19 pandemic was front and facility of investors’ thoughts.
Here is just where US indexes stood shortly after the 9:30 a.m. ET niche 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 its third-quarter GDP forecast on Thursday to thirty five % annualized growth, prompted by a stronger-than-expected August jobs report. The US added 1.37 million jobs in August, more than an expected addition of 1.35 million jobs.

Economists surveyed by Bloomberg expect third-quarter GDP development of twenty one %.
Peloton surged on Friday after the fitness business cruised to its first quarterly profit on the rear 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 because of increased demand for the cloud services of its.

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

Oil extended the decline of its from Thursday as investors digested accounts of depressed need due to the COVID 19 pandemic and of enhanced source from US oil producers. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 a barrel. Brent crude, oil’s international standard format, fell 1.7 %, to $39.38 per barrel, at intraday lows.