Tech leads stock gains ahead of big options day - BNN

Stocks climbed as dip buyers emerged after a two-day selloff in a volatile session ahead of Friday’s options expiration. The dollar rose.

The S&P 500 erased losses, with giants Apple Inc. and Microsoft Corp. pacing a rally in technology companies. The Cboe Volatility Index was on track for its biggest weekly surge since January. An earlier equity slide was driven by anxiety over the withdrawal of Federal Reserve stimulus, the virus spread and global supply chains.

“It gave the buyers a reason to jump in,” said Lindsey Bell, chief investment strategist at Ally Invest. “There’s still a lot of liquidity in the marketplace. Even if the Fed does starts tapering, there’s still going to be a lot of money in the market.”

Investors are bracing for a reduction of unprecedented liquidity as the developed world looks to mass vaccinations to keep the recovery on track. However, the persistent spread of delta variant and slowing China growth has raised questions on whether the global economy can absorb the winding down of stimulus. Data Thursday suggested labor market conditions continued to improve.

Nvidia Corp., the largest U.S. chipmaker by market value, rallied after reporting a surge in earnings and giving predictions that exceeded even rosy Wall Street estimates. Robinhood Markets Inc. tumbled after warning cryptocurrency-driven trading that fueled quarterly revenue may quickly fade. Chinese stocks listed in the U.S. endured another day of selling after officials unleashed a fresh round of proposed regulations. Tencent Holdings Ltd. and Alibaba Group Holding Ltd. each tumbled more than 5 per cent.

Some of the main moves in markets:

Stocks

• The S&P 500 rose 0.3 per cent as of 12:43 p.m. New York time
• The Nasdaq 100 rose 0.9 per cent
• The Dow Jones Industrial Average was little changed
• The MSCI World index fell 0.6 per cent

Currencies

• The Bloomberg Dollar Spot Index rose 0.4 per cent
• The euro fell 0.2 per cent to US$1.1690
• The British pound fell 0.7 per cent to US$1.3661
• The Japanese yen was little changed at 109.80 per dollar

Bonds

• The yield on 10-year Treasuries declined two basis points to 1.24 per cent
• Germany’s 10-year yield was little changed at -0.49 per cent
• Britain’s 10-year yield declined three basis points to 0.54 per cent

Commodities

• West Texas Intermediate crude fell 3.4 per cent to US$63.24 a barrel
• Gold futures were little changed

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2021-08-19 15:55:46Z
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