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Mixed Friday as Selling Pressure Eases

EQUITIES

After Thursday's tumultuous session, Friday price action was more consolidative, with a mixed performance on Wall Street. The hard-hit tech sector recouped some lost ground, prompting the NASDAQ to slightly outperform, while the Dow Jones slipped, albeit by a very small margin.

  • Across the US, energy and financials suffered Friday while tech and communication services made ground. Social media firms including Facebook and Twitter enjoyed a strong session, with shares rising as much as 5%. Travel names including Carnival Corp and Expedia also rallied, with the reflation / reopening theme present below the surface.
  • The VIX gave up Thursday gains, retreating back below 30 points as the selling pressure eased. The drop in volatility was no sufficient, however, to put the gauge below the 2021 average, proving markets remain cautious given recent realised vol.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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