Wall Street’s major indexes are set for their steepest weekly drop since February after stronger-than-expected inflation data, signs of labor shortage and higher commodity prices this week raised bets the Federal Reserve would have to pare back its crisis level support.
The three main indexes snapped a three-day losing streak on Thursday after better-than-expected weekly jobless claims data.In signs that life was returning to normal, revised guidance from the U.S. Centers for Disease Control and Prevention said fully vaccinated people do not need to wear masks outdoors and can avoid wearing them indoors in most places.The CBOE volatility index, a measure for investors’ anxiety, slipped to 20.57 after spiking to a more than two-month high earlier this week.
At 9:51 a.m. ET, the Dow Jones Industrial Average was up 261.03 points, or 0.77%, at 34,282.48, the S&P 500 was up 37.47 points, or 0.91%, at 4,149.97. The Nasdaq Composite was up 127.14 points, or 0.97%, at 13,252.13. Mega-cap growth stocks, which have been beaten down this week on concerns over their lofty valuations, led gains in early trading with Apple Inc, Amazon.com Inc and Microsoft Corp gaining about 1% each and Tesla Inc adding 2%.Disappointing subscriber additions for Walt Disney Co.’s namesake streaming service overshadowed better-than-expected overall profits, driving down shares of the entertainment company by 4.8%.
Airbnb Inc rose 0.7% despite beating analysts’ expectations for first-quarter gross bookings and revenue.
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