Midday Market Update: Stocks Swing Wildly, Tech Takes the Lead

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Stocks rose by midday Thursday as changes in market leadership took place. 

All three major U.S. indices rose, with the S&P 500 up as much as 0.3%. The 10-Year Treasury yield slipped to 0.67%, a risk-off signal. In the morning, the S&P 500 was down, lead by cyclical stocks, before that trend reversed course. 

Holding back sentiment was a weekly jobless claims number coming in at 1.48M against economists estimates of 1.35 million. And virus cases are rising considerably throughout the country. 

Oil and bank stocks were down 2% in morning, before rising about 1% by midday. The S&P 500 tech ETF  (XLK) - Get Report was down 0.3%, before rising 0.5%. Stocks in that fund have a large weighting in S&P 500, brining index up considerably. 

In the morning, the market messaging was that investors were uninterested in holding assets tied to economic changes, but that changed by midday and had altered several times before noon. 

Disney  (DIS) - Get Report shares fell 1.75% as the company delayed Disneyland reopenings in light of the virus surge and case increases in California. 

See TheStreet’s continuing coverage Thursday for why these market moves are happening. 

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