U.S. Stocks Give Up Gains as Tech Tries a Comeback

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U.S. Stocks Give Up Gains as Tech Tries a Comeback
Credit: © Reuters.

By Liz Moyer

Investing.com -- U.S. stocks gave up early gains and turned lower even as tech tried to stage a rebound from Thursday’s steep losses.

At 10:26 AM ET, the Dow Jones Industrial Average was down 82 points or 0.3%, while the S&P 500 fell 0.2% and the NASDAQ Composite rose 0.6%.

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 2% on a report by Reuters that China's central bank has accepted an application by Ant Group (SS: 688688 ) to set up a financial holding company.

Adobe Systems Incorporated (NASDAQ: ADBE ) shares fell 3% after third quarter and full-year revenue forecasts fell short of Wall Street estimates.

Roku, Inc. (NASDAQ: ROKU ) shares rose 0.5% 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 4%, to $112.81 a barrel, while Brent Oil Futures crude was down 3.3%, to $115.81 a barrel. Gold Futures was down 0.4% to $1,843 an ounce.

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