U.S. stocks rallied in early trade on Friday as Wall Street looked to snap a three-week losing streak.
The S&P 500 rose 0.9%, buoyed by back-to-back earnings sessions, while the Dow Jones Industrial Average jumped 200 points, or about 0.7%. Technology stocks led the way, with the Nasdaq Composite climbing 1.4%.
Oil extended the choppy run as prices continued their gains on Friday morning. West Texas Intermediate (WTI) and Brent crude futures were up 2.8% each at $85.88 a barrel and $91.66 a barrel, respectively.
In a stark warning to the West on Friday, Russia said efforts to put price caps on the country’s oil and gas exports by imposing sanctions on Russia over its war in Ukraine would fail and “lead to a slippery slope below from her feet”.
Meanwhile, in the cryptocurrency markets, Bitcoin (BTC-USD) fell above $21,000, just one day after falling below $19,000. The coin’s rally boosted shares of crypto stocks, including Coinbaise (COIN) – up more than 6% – and MicroStrategy (MSTR) – climbing more than 7%.
Investors continued to weigh in on Federal Reserve Chairman Powell’s remarks at the Cato Institute’s 40th Annual Monetary Conference in Washington on Thursday.
“The Fed has, and accepts, responsibility for price stability,” Powell said, reaffirming the US central bank’s commitment to taming inflation. “We must act now – directly, forcefully.”
Wall Street expects with increasing confidence that Fed officials will deliver a third straight rate hike of 0.75% later this month, with an institutional jitter raising expectations for the size of the Fed’s benchmark rate hikes.
Bank of America, Goldman Sachs and Nomura all raised their year-end forecasts.
“In our view, unchanged guidance on when the pace of rate hikes may slow suggests that Chairman Powell and the Fed are comfortable with current market rates,” BofA economists said.
Elsewhere, shares of DocuSign ( DOCU ) rose 10% after the company reported better-than-expected second-quarter earnings late Thursday and raised its subscription revenue guidance for the year.
Shares of Zumiez ( ZUMZ ) sank more than 3% after the retailer posted disappointing second-quarter results and revised down its third-quarter sales guidance. CEO Rick Brooks said “inflation has weighed on appropriate consumer spending,” putting pressure on the company’s U.S. operations.
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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