Wall Street is recovering in the aftermath of a strong sell off on technology, which led the Nasdaq to lose more than 2%. The Dow Jones rose by over 160 points (+ 0.48%), to 34,167 points; the S&P 500 advanced 0.59% to 4,325 points, while the Nasdaq Composite posted a rise of 0.80% to around 14,368.
It is precisely the hi-tech stocks that allow the US stock exchange to catch up. Good Facebook, which rises by 1% after losing 5% on the eve. The prices of the giant by Mark Zuckerberg yesterday discounted both the case of the whistleblower, who defined social networking as a “traitor to democracy”, and the worst down since 2008 that hit the Facebook, Instagram and Whatsapp platforms.
Amazon, Apple, Microsoft and Netflix are also among the Big Techs. Growth stocks manage to snub the rise in US Treasury rates today: in particular, ten-year yields rise above the 1.52% threshold.
Meanwhile, the rally in oil prices continues, following the announcement of OPEC +, which confirmed the increase in oil supply to 400,000 barrels per day for the month of November. In the previous hours, there was talk of the possibility that Opec + would increase the offer, which did not happen.
The WTI sets new records and even exceeds the $ 79 a barrel threshold, up 1.80%, its highest since 2014, while Brent is approaching $ 83 a barrel.
Focus on the warning issued before the start of the session by US Treasury Secretary Janet Yellen, former chairman of the Federal Reserve. Yellen has once again sounded the alarm bell on the US debt ceiling, recalling the imminent deadline of October 18.
“I consider October 18 the deadline. It would be catastrophic not to pay the government bills, to find ourselves in the position of not having the necessary resources to pay the government bills,” he said, speaking in the CNBC broadcast “Squawk Box”.
Yellen believes the economy could slide into recession if Congress fails to raise or lift the debt ceiling.