US open: Wall Street stages slight bounce going into the weekend

dl new york city nyc ny us usa united states of america manhattan skyline city finance trading nyse dow jones sp dollar dollars usd federal reserve fed — New York CitySharecast photo / Josh White

US stocks were rebounding slightly on Friday, as investors looked for buying opportunities after the S&P 500 and Nasdaq both hit three-month lows during the previous session.

As of 1647 BST, the Dow Jones Industrials was up by 0.19% at 34,131.11, the S&P 500 was adding 0.52% to 4,352.60, and the Nasdaq Composite was climbing 0.82% to 13,332.68.

"Following a week which saw investors shed stocks at the fastest weekly rate in 2023 while US yields rallied to more than decade highs, stock indices stabilized near key technical support on short-covering into the weekend," said IG senior market analyst Axel Rudolph.

"Next week's Eurozone and US consumer confidence, business climate and unemployment data could trigger further sell-offs in global stock markets, though."

On Thursday, the S&P 500 registered its lowest close since 26 June, while the Nasdaq finished at its lowest level since 7 June.

Stocks had been in retreat mode since Wednesday, after the Federal Open Market Committee indicated that an interest rate hike was probable before the end of the year. While policymakers kept rates unchanged at the 5.25-5.5% range at this month's meeting, they predicted that rates would likely stay around the 5% level for the whole of 2024 as they commit to a 'higher-for-longer' approach.

Against that backdrop, yields on the benchmark 10-year US Treasury note were off by five basis points to 4.44%.

In company news, Amazon shares were 2% higher on the news that the online giant was expected to add commercials to its Prime Video streaming service in early 2024 as it attempts to generate more cash.

ADRs of newly-listed chipmaker Arm Holdings remained under pressure with the shares changing hands at roughly last week's IPO price of $51.

Media groups Paramount, Walt Disney and Netflix were also in focus on reports that the Writers Guild of America's strikes may soon be coming to an end as Hollywood studios continue to have encouraging meetings with the union.

Meanwhile, Fox Corp was down on the news that Rupert Murdoch was stepping down as chairman, with his son Lachlan jumping in to head the ship.

Dow Jones - Risers

Apple Inc. (AAPL) $176.41 1.43%
Unitedhealth Group Inc. (UNH) $507.36 1.24%
Chevron Corp. (CVX) $166.65 0.88%
McDonald's Corp. (MCD) $273.41 0.81%
Walmart Inc. (WMT) $163.09 0.72%
Coca-Cola Co. (KO) $57.94 0.70%
Procter & Gamble Co. (PG) $153.03 0.58%
Visa Inc. (V) $237.66 0.44%
Cisco Systems Inc. (CSCO) $53.47 0.25%
Microsoft Corp. (MSFT) $320.26 0.23%