Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Stock Futures Were Rising on Friday, Indicating That Wall Street Will Recoup Some of the Losses From Thursday’s Collapse.

Contracts linked to the DJIA –2.42 percent increased 208 points, or 0.7 percent, to 30,134, S&P 500SPX –3.25 percent futures were up 0.9 percent, and Nasdaq COMP –4.08 percent futures gained 1.2 percent.

Stocks plummeted drastically on Thursday, with the Dow ending below 30,000 and the S&P 500 plunging 3.3 percent, as investors fretted that the Federal Reserve’s recent interest rate rise of 0.75 a percentage point, and its intentions for additional aggressive rate increases may force the country into a recession. Stocks are on course to conclude the week with heavy losses.

Friday saw the Bank of Japan retain ultra-low interest rates, unlike the Federal Reserve, the Swiss National Bank, and the Bank of England, who all raised rates on Thursday to control inflation.

Jeffrey Halley, the senior market analyst at Oanda, said it was probably the action by the Swiss National Bank SNBN +2.46 percent “that broke the camel’s back because if the Swiss are concerned about inflation, we all should be.”

Halley said even the most enthusiastic buy-the-dip equities investors have begun to grasp that inflation is a problem “with central bank banks poised to raise the globe into a slowdown and potential recession to get on top of it.”

President Joe Biden said told the Associated Press in an interview that a U.S. recession was “not inevitable.” But he confessed the Americans were “truly, very down” after suffering through two years of the Covid-19 outbreak, a turbulent economy, and now a spike in fuel costs.

Oanda’s Halley said Wall Street was turning away from stocks for “tasty” government bond rates. The 10-year Treasury yield was falling early Friday to 3.222 percent from 3.303 percent on Thursday.

Richard Saperstein, the chief investment officer of Treasury Partners in New York, said his company recently has been purchasing short-term Treasuries in an attempt to temporarily store money as rates climb. “At some point in the cycle, we anticipate drawing this cash to take advantage of fixed-income opportunities,” he said.

Here are some stocks moving on Wall Street Friday:

Adobe ADBE –3.14 percent (NASDAQ: ADBE) declined 3.4 percent after releasing softer-than-expected forecasts for both the August quarter and the fiscal year ending in November.

U.S. Steel (X) gained 7.2 percent after the steel maker’s second-quarter forecast topped forecasts.

Twitter (TWTR) climbed 1.7 percent after Elon Musk talked to workers of the social media business during an all-hands meeting Thursday. Musk didn’t comment on whether he was committed to purchasing the firm after finalizing a deal to acquire Twitter for $44 billion.

Roku (ROKU) gained 5 percent. The streaming device business signed a relationship with Walmart (WMT) that will enable users to make purchases using their remotes while viewing television shows.

The post Stock Futures Were Rising on Friday, Indicating That Wall Street Will Recoup Some of the Losses From Thursday’s Collapse. appeared first on Best Stocks.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.