S&P 500 rises as tech leads recovery after tumultuous week By Investing.com

Investing.com — The S&P 500 closed on Friday led by technology, as stocks continued to recover from a major sell-off earlier this week when worries about a coming recession took center stage.

At 16:00 ET (20:00 GMT), it was up 51 points, or 0.1%, the index was up 0.5% and the index was up 0.5%. On Monday, the S&P 500 fell 3%, marking its worst day since 2022, as the fallout from weaker July payrolls data sparked recession fears, which eased as the week progressed amid optimistic economic data.

CPI data looms after a volatile week

Wall Street has few major cues left to trade as the week draws to a close, so attention now turns to key inflation data ahead next week.

The reading comes amid increased belief that US inflation is easing and will give the Federal Reserve enough confidence to start cutting interest rates in September.

Recent recession fears have traders betting that they will cut rates by 50 basis points next month, compared with earlier expectations for a 25 basis point cut.

Paramount Global grows after announcing job cuts

There is little in the way of major corporate earnings due Friday, but a number of companies released numbers after Thursday’s close for investors to digest.

Shares of Paramount Global (NASDAQ: by 15% of its US workforce as it tries to cut costs.

“TV Media is facing a difficult quarter, but sports/politics/licensing should help in the fourth quarter,” UBS said in a recent note.

Expedite (NASDAQ: ) shares rose more than 10% after the online travel company beat quarterly expectations even after warning of a softening in travel demand in July.

By contrast, Array Technologies (NASDAQ: ) fell more than 19% after the solar energy technology maker cut its annual guidance.

Shares of ELF Beauty (NYSE: ) fell more than 21% after the cosmetics company issued cautious guidance, even as it raised annual sales and profit forecasts after beating first-quarter estimates.

(Peter Nurse, Ambar Warrick contributed to this article.)