The New York exchanges are attempting a recovery in early Friday trading. Prices are clearly rebounding from yesterday’s sharp fall.
The narrative around AI continues. As before, discussions center on the outcome of the midterm election, where, among other things, Texas’ new Democratic governor expressed skepticism about data centers.
Before the open, new employment data (NFP) came in higher than expected.
The broad S&P 500 index was up 0.8 percent at 7,410.58 at 16.04.
The technology-heavy Nasdaq Composite rose 1.5 percent to 24,678.79.
By sector, IT is showing the best performance, up 2.16 percent, while consumer staples are showing the weakest performance, down 1.24 percent.
Technology stocks that were heavily punished yesterday rebounded in early trading. These include Nvidia, AMD, Marvell and Sandisk.
Alphabet, Google’s parent company, built up a stake in chipmaker Qualcomm worth nearly 548 million dollars during the third quarter. Alphabet rose 1.9 percent and Qualcomm rose 5.2 percent.
Gaming operator DraftKings plunged 27.1 percent after missing quarterly expectations and sharply lowering its adjusted EBITDA forecast.
Rental platform Airbnb raised its full-year forecast after beating expectations in Q3. The company said that underlying global demand for travel remains good, while developments in the EMEA region are being closely monitored. Airbnb surged 9.4 percent.
Biotechnology company Moderna simultaneously raised its full-year forecast and now expects revenue growth of 15–25 percent, compared with previously no more than 10 percent. Moderna rose 5.3 percent.
Sportswear chain Under Armour fell 0.9 percent after lowering its margin forecast.
The yield on the U.S. ten-year Treasury bond rose 3 basis points to 4.87 percent.
Brent crude fell 0.52 percent to 97.78 dollars, while WTI crude rose 0.10 percent to 90.61 dollars.
IndexPriceChange todayChange this yearS&P 5007,410.580.77%8.25%Nasdaq Composite24,678.791.50%6.18%Consumer discretionary1,936.960.53%0.44%Consumer staples1,012.19-1.24%17.03%Energy951.020.24%38.36%Financials951.74-0.51%4.40%Health care2,152.63-0.13%19.20%Industrials1,379.810.36%5.08%Materials655.54-0.51%14.12%Real estate280.59-0.52%10.02%IT6,358.642.16%11.87%Utilities437.37-0.56%0.82%Telecom409.881.03%-9.40%Source: Factset
