(Reuters) – US stocks turned negative after early gains as tech stocks stopped selling. Investors are nervous about the increase in coronavirus cases and the uneven recovery in the US economy.
The stock market rally in early trading on Friday was led by shares of Netflix (NASDAQ: NFLX), Facebook (NASDAQ: FB) and Tesla Inc, which pulled Wall Street out of the coronavirus crisis in March.
“The market is in a vacuum right now,” said Thomas Hayes, board member of Great Hill Capital LLC.
“Whenever there is news or the feeling that things are going to be delayed, or when (you have) slow economic growth, there is a demand for these (technology-related) stocks. You will have days of technical bounces when the number of coronavirus cases is sharp increases and the money is returned to the tech sector. ”
Trading on Friday is expected to be volatile due to the quarterly expiration of stock options and index futures.
By 18:45 Moscow time, the Dow Jones index fell by 0.33% to 27.810.50 points, the S&P 500 index – by 0.58% to 3.337.67 points, and the Nasdaq – by 0.87% to 10.815.65 points.
(Shreyashi Sanyal and Devik Jain in Bangalore. Translated by Alexey Kuzmin. Editor Dmitry Antonov)