Early Friday trading showed an increase in U.S. stock futures. It came after an unpredictably tense session. The Dow Jones Industrial Average futures showed a surge of 160 points and above. Meanwhile S& P 500 futures increased 0.8% while NASDAQ – 100 futures earned 0.8%.
The Dow was not as energetic as it ended more than 1%, together with the S&P 500. NASDAQ Composite has fallen 2%. All of the primary indexes popped and were lower during closing.
Tech companies showed the most vibrant outcome as it was classified as the highest-performing market to date. Companies gained early Thursday and showed continuous downward movement. Companies like Amazon, Apple, Facebook, Netflix, Microsoft, and Alphabet closed lower Thursday. On the other hand, Tesla was up higher than 8% but posted an increase of 1.4%.
Friday was another good day for tech stocks as a rebound could be on the way. Apple showed an increase of 1% while Tesla was higher than 2% during the early morning.
Oracle and Peloton showed an increase in pre-market trading as their quarterly results showed better performance. Oracle gained 4%, while Peloton increased by 10%.
Stock declines on Thursday placed the S&P 500 lower than 2% for this week together with Dow. NASDAQ has dipped 3.5% this week. If this kind of trend continues, the S&P 500 will mark its first week per week drop starting May this year. Also, broader market indexes have experienced its worst week so far since the last weeks of June; it dipped 2.9%.
Gorilla Trades strategist Ken Berman said that the next sessions would be essential in determining the pull-back’s possible effects. The bulls will be searching for possible positive divergences as primary indexes are near their 50-day averages.
This expert prediction came after the monthly release of the U.S. consumer price index, which will be provided on Friday at 8:30 in the morning. Meanwhile, time is running out for a TikTok deal. The U.S. may not need ByteDance to sell its operations in the country; however, President Trump stood his ground and said the tech company would not get an extension after its September deadline.
Both Microsoft and Walmart are eyeing a bid on TikTok. These two giants showed a slight increase later in the day. There are also reports that Oracle is also another TikTok bidder. There are no reports into a possible ByteDance U.S. sell-out as of press time, and it looks like that the tech company will likely miss its deadline on September 20, 2020.
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