US stocks rebound on tech rally amid volatile trading

 

  • #US stocks climbed on Friday, recouping a percentage of Thursday’s market sell off that was led by technologies stocks.
  • #Absent a good Friday rally, stocks are set to capture their first back-to-back week of losses since March, once the COVID-19 pandemic was forward and school in investors’ thoughts.
  • #Oil fell as investors went on to process a report from the American Petroleum Institute which stated US stockpiles improved by almost 3 million barrels. West Texas Intermediate crude sank as much as 1.7 %, to $36.67 a 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 Oracle and Peloton.

But Friday’s original jump higher in the futures markets will not be enough to prevent yet another week of losses for investors. All three major indexes are on course to film back-to-back weekly losses for the very first time since early March, as soon as the COVID 19 pandemic was front and club in investors’ thoughts.
Here is 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 the third quarter GDP forecast of its on Thursday to 35 % annualized progression, prompted by a stronger-than-expected August jobs report. The US added 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 twenty one %.
Peloton surged on Friday after the fitness company cruised to its very first quarterly benefit on the backside 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 because of increased demand for the cloud services of its.

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

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