Wall Street set to end higher boosted by technology
- Energy shares slip as WTI reverses course on Thursday.
- Apple rebounds strongly to lift technology.
- Industrials preserve momentum despite Trump's tweet about trade conflict.
Major equity indexes in the United States started the day higher and extended their gains led by the robust performance of the technology sector.
After ending the previous day with large losses, Apple staged a decisive rebound on Thursday and was last seen up 2% on the day. Reflecting the positive mood surrounding the technology companies, the S&P 500 Information Technology Index added 1% on the day.
Meanwhile, the market sentiment remained positive on the back of reports claiming that the U.S. officials were reaching out to Beijing for a new round of trade talks before the additional $200 billion worth of tariffs is imposed on Chinese imports. Although President Donald Trump tweeted out that they were under no pressure to reach a trade deal with China, the trade-sensitive S&P 500 Industrials Index added 0.5% on the day.
On the other hand, following the IEA report that warned the potential negative impact of EM struggles and protective trade policies over the global oil demand, the West Texas Intermediate erase more than 2% on the day and weighed on the S&P 500 Energy Index.
As of writing, the Dow Jones Industrial Average was up 118.93 points, or 0.46%, at 26,117.85, the S&P 500 was adding 13.89 points, or 0.48%, at 2,902.81 and the Nasdaq Composite was gaining 52.47 points, or 0.66%, at 8,006.70.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
