Tech stocks moved higher in early trading on Friday, as markets reversed course following Thursday’s rotation out of tech.
Due to rising interest rates, investors had moving out of tech stocks and other risk assets and into growth stocks. However, Thursday’s “rotation” presented a buying opportunity for some investors as the Nasdaq Composite Index moved up 0.37% Friday morning.
Investors are contemplating the key December jobs report which showed just 199,000 jobs being added to the economy – less than half what economists had anticipated. The poor showing could prevent the Federal Reserve from moving to raise interest rates as quickly as anticipated.
U.S. Dollar and Treasuries
The yield on the 10-year Treasury rose slightly to more than 1.7%. The dollar declined against a basket of major currencies.
|U.S. Dollar Index (DXY):||96.21||-0.34||-0.35%|
|U.S. 1 Year Treasury Bill||0.430%||0.013||0.418%|
|U.S. 5 Year Treasury Note||1.481%||0.010||1.470%|
|U.S. 10 Year Treasury Note||1.725%||0.001||1.724%|
Stocks To Watch
Meme stocks bounced back in premarket trading. Videogame retailer Game Stop surged almost 15% while AMC Entertainment climbed almost 5%. Game Stock surged on news that it is starting a division focused on crypto and NFTs.
Travel stocks were up on recovery optimism. This includes airlines like Delta Airlines and cruise liners like Carnival Corp.
Fuel cell stocks Plug Power and ChargePoint Holdings bounced back slightly in premarket trading. Investors seem to think that the companies were oversold in Tuesday’s rotation out of tech.
|Symbol||Company Name||Price||Chg. %|
|GME||GameStop Corp. Cl A||$152.60||16.46%|
|DAL||Delta Air Lines Inc.||$41.02||2.27%|
|CHPT||ChargePoint Holdings Inc.||$17.60||1.44%|
|PLUG||Plug Power Inc.||$25.59||1.47%|
Commodities To Watch
|WTI Crude Oil||$79.26||0.76%|
|Brent Crude Oil||$82.67||0.83%|
Major cryptocurrencies continue to drop. The global crypto market cap is $2.01T, a 0.77% decrease over the last day. Bitcoin’s dominance is currently 39.93%, a decrease of 0.06% over the same period.
|Currency||Symbol||Price||Chg. %||Market Cap.|