U.S. Stocks Open Higher as Tech Stocks Try to Shake Off Losses
2022.06.17 17:00
By Liz Moyer
Investing.com — U.S. stocks opened mostly higher as tech tried to stage a rebound from Thursday’s steep losses.
At 9:48 AM ET, theDow Jones Industrial Average rose 133 points or 0.45%, while the S&P 500 rose 0.8% and the NASDAQ Composite rose 1.4%.
The S&P and Nasdaq are down 6% so far this week as the Dow heads for its 11th weekly loss in 12 weeks. The Dow did climb back above 30,000 in early trading on Friday.
Investors are weighing the prospects of a recession as the Federal Reserve and other central banks raise interest rates to combat inflation. The Fed signaled this week that another three-quarter point hike could come next month after it made that uncharacteristically big move at this month’s meeting.
The American Depositary Receipts of Alibaba Group Holdings Ltd ADR (NYSE:BABA) rose 6% on a report by Reuters that China’s central bank has accepted an application by Ant Group to set up a financial holding company.
Adobe Systems Incorporated (NASDAQ:ADBE) shares fell 3.6% after third-quarter and full-year revenue forecasts fell short of Wall Street estimates.
Roku Inc (NASDAQ:ROKU) shares rose 3.4% after it announced an arrangement with Walmart (NYSE:WMT) in which Roku users can purchase items with their remotes while streaming television content.
Oil fell. Crude Oil WTI Futures was down 2.5%, to $114.70 a barrel, while Brent Oil Futurescrude was down 2.1%, to $117.30 a barrel. Gold Futures was down 0.1% to $1,848 an ounce.
