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Wall Street climbs as tech stocks rebound, oil drops

Tech titans Apple Inc (AAPL.O), Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O) rose between 0.9% and 1.4% in early tradingafter taking a beating in last few days due to a surge in Treasury yields.

August 31, 2022 / 07:58 PM IST
Wall Street, New York City (File image: Reuters)

Wall Street, New York City (File image: Reuters)

Wall Street's main indexes rose on Wednesday as technology and growth stocks rebounded after a three-day slump on rate hike worries, while weaker-than-expected private payrolls data and a slide in oil prices helped ease some worries about inflation.

Tech titans Apple Inc (AAPL.O), Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O) rose between 0.9% and 1.4% in early tradingafter taking a beating in last few days due to a surge in Treasury yields.

Social media stocks surged after Snap Inc (SNAP.N) said it will cut 20% of all staff, restructure its advertising sales unit and shut down projects including mobile games and novelties like a flying drone camera, in order to focus on improving sales and the number of Snapchat users. read more

Shares of Snap jumped 11.4%, while those of Twitter Inc (TWTR.N), Pinterest (PINS.N) and Meta Platforms (META.O) added between 1.5% and 5.8%.

An ADP National Employment report showed private payrolls increased by 132,000 jobs in August, falling short of economists' forecast of job growth of 288,000, according to a Reuters poll.

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The more comprehensive and closely watched jobs data on Friday is expected to show nonfarm payrolls rose by 300,000 last month after recording a 528,000 increase in July.

Any signs of a cooling job market would be welcomed by investors as it could ease the pressure on the Federal Reserve to stick to outsized rate hikes.

An ADP National Employment report showed private payrolls increased by 132,000 jobs in August, falling short of economists' forecast of job growth of 288,000, according to a Reuters poll.

The more comprehensive and closely watched jobs data on Friday is expected to show nonfarm payrolls rose by 300,000 last month after recording a 528,000 increase in July.

Any signs of a cooling job market would be welcomed by investors as it could ease the pressure on the Federal Reserve to stick to outsized rate hikes.
Reuters
first published: Aug 31, 2022 07:35 pm
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