Stocks have moved mostly higher in morning trading on Friday, regaining ground following the sell-off seen over the two previous sessions. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the advance.
Currently, the Nasdaq is off its highs of the session but still up 109.94 points or 0.8 percent at 13,333.92. The S&P 500 is also up 19.88 points or 0.5 percent at 4,349.88, while the narrower Dow is posting a more modest gain, up 35.98 points or 0.1 percent at 34,106.40.
The rebound on Wall Street may partly reflect bargain hunting, as traders pick up stocks at reduced levels following recent weakness.
The steep drops seen on Wednesday and Thursday dragged the tech-heavy Nasdaq down to its lowest closing level in over three months.
The S&P 500 also slumped to a nearly three-month closing low, while the narrower Dow slid to a two-month closing low.
Overall trading activity remains somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
Economic data may attract increased attention in the coming weeks, as traders look for additional clues about the outlook for interest rates.
Next week will see the release of a report on personal income and spending that includes readings on inflation said to be preferred by the Federal Reserve.
Sector News
Semiconductor stocks have shown a strong move back to the upside, with the Philadelphia Semiconductor Index climbing by 1.7 percent after ending Thursday’s trading at a nearly four-month closing low.
Considerable strength has also emerged among computer hardware stocks, as reflected by the 1.5 percent gain being posted by the NYSE Arca Computer Hardware Index.
Gold and oil service stocks are also seeing notable strength amid increases by the prices of their associated commodities, while most of the other major sectors are showing more modest moves.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan’s Nikkei 225 Index fell by 0.5 percent, while China’s Shanghai Composite Index jumped by 1.6 percent.
The major European markets have also turned mixed on the day. While the French CAC 40 Index is down by 0.3 percent, the German DAX Index is just above the unchanged line and the U.K.’s FTSE 100 Index is up by 0.4 percent.
In the bond market, treasuries are regaining ground following the sell-off seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.8 basis points at 4.432 percent.
Business News
U.S. Stocks Regaining Ground Following Recent Sell-Off
2023-09-22 14:47:58
