US stocks rebounded following losses this week brought on by inflationary reports and recession concerns.
|I:DJI||DOW JONES AVERAGES||32173.2||+442.90||-1.40%|
|I:COMP||NASDAQ COMPOSITE INDEX||11772.252432||+401.29||+3.53%|
Even so, all three of the major averages are on pace for sharp weekly decline, extending the market’s slump so far this year.
Technology stocks paced the early gains as the Nasdaq rose over 1%.
|MU||MICRON TECHNOLOGY INC.||67.71||+0.75||1.12%|
Oil also climbed touching $107 per barrel, Brent crude, the pricing basis for international trading of crude, rose to $110 per barrel.
In corporate news, Twitter shares fell after Elon Musk said in a tweet that a deal was temporarily on hold. Twitter shares slumped.
In other news, Robinhood shares rose after billionaire investor Samuel Benjamin Bankman-Fried of Emergent Fidelity Technologies took a 7.6% stake in the trading app.
|HOOD||ROBINHOOD MARKETS INC.||10.81||+2.25||+26.34%|
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Federal Reserve Chair Jerome Powellfresh off winning Senate confirmation for a second four-year term for the first time Thursday, acknowledged that high inflation and weakness in other economies could thwart his efforts to avoid a recession.
WHOLESALE INFLATION CLIMBS 11% IN APRIL, REMAINING NEAR 40-YEAR HIGH
Prices of imported goods were unchanged month-over-month, down from March’s 2.6% surge, the biggest increase in 11 years. While export prices rose 0.6% in April, also down from a record 4.5% spike the previous month. Smaller gains in import and export prices would support the view that inflation has peaked.
The University of Michigan releases its preliminary index of consumer sentiment for May. The Refinitiv estimate is 64.0, down just over a point from April’s final reading of 65.2. Sentiment has fallen 26% from a pandemic high of 88.3 in April 2021 as consumers worry about the rapid rise in prices for goods and services:
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Bitcoin traded around $30,000, snapping a seven-session losing streak after hitting a 16-month low of around $25,400 on Thursday.
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The Associated Press contributed to this report.