⁍ The rebound from a more than 3% slide in Wall Street’s major indexes in the previous session underscored the heightened market volatility ahead of the presidential election next week.
⁍ Apple Inc, Amazon.com Inc and Alphabet Inc, which have seen a surge in demand for their products and services from people staying at home, rose between 1.5% and 3.4% ahead of their results after the closing bell.
⁍ Facebook Inc and Twitter Inc, which will also report later in the day, jumped about 5% and 7%, respectively, as Pinterest Inc forecast a rebound in ad spending.
– The US economy grew at a record pace in the third quarter as the government poured out more than $3 trillion worth of pandemic raid. A separate report showed weekly unemployment claims fell last week. “It’s positive data, but it’s a little bit backward looking because you have COVID-19 cases on the rise again, which doesn’t really send a strong signal about the fourth quarter,” said Shawn Snyder, head of investment strategy at Citi Personal Wealth Management in New York. The CBOE volatility index has surged to a 15-week high this week due to lack of fiscal stimulus, while the White House coronavirus task force urged for aggressive measures to curb the pandemic. The S&P 500 posted four new 52-week highs and 10 new lows, while the Nasdaq Composite recorded 36 new highs and 73 new lows. The rebound from a more than 3% slide in Wall Street’s major indexes in the previous session underscored the heightened market volatility ahead of the presidential election next week. “The market is just digesting yesterday’s action and looking forward to the big tech earnings tonight,” said Clark Kendall, chief executive officer of Kendall Capital in Rockville, Maryland. Apple, Amazon.com, and Alphabet, which have seen a surge in demand for their products and services from people staying at home, rose between 1.5% and 3.4% ahead of their results after the closing bell. Facebook Inc and Twitter Inc, which will also report later in the day, jumped about 5% and 7%, respectively, as Pinterest forecast a rebound in ad spending.
Source: https://www.reuters.com/article/usa-stocks/wall-street-rebounds-ahead-of-tech-earnings-upbeat-data-helps-idUSKBN27E2BD