US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, recouping a portion of Thursday’s market sell off which was led by technology stocks.
  • #Absent a strong 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 and club of investors’ brains.
  • #Oil fell as investors went on to digest an article from the American Petroleum Institute that mentioned US stockpiles increased by almost three 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 to recover a portion of Thursday’s stock market sell-off which was led by technological know-how stocks.

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

Though Friday’s original jump higher in the futures markets won’t be sufficient to stop yet another week of losses for investors. All three major indexes are actually 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 side and center of investors’ brains.
Here is 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 its third-quarter GDP forecast on Thursday to 35 % annualized growth, prompted by a stronger-than-expected August jobs report. The US added 1.37 million jobs in August, more than an expected fact of 1.35 million jobs.

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

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

Oil extended its decline offered by Thursday as investors digested reports of depressed demand due to the COVID-19 pandemic and of increased supply from US oil producers. West Texas Intermediate crude sank almost as 1.7 %, to $36.67 per barrel. Brent crude, oil’s international image standard, fell 1.7 %, to $39.38 a barrel, at intraday lows.