S&P 500 Cuts Losses as Selloff Triggers Dip Buying of ‘Oversold’ Stocks

S&P 500 Cuts Losses as Selloff Triggers Dip Buying of ‘Oversold’ Stocks

© Reuters







By Yasin Ebrahim

Investing.com – The S&P 500 eased off lows Thursday as tech cut losses after a move into oversold territory triggered a wave of buying that some on Wall Street believe could fuel another rally.

The was up 0.18%, the rose 0.23%, or 75 points, the was down 0.2%, but had been down more than 1% intraday.

"We believe the action today may be pushing stocks into moderately oversold territory on a short-term basis once again," Janney Montgomery Scott said. "[W]e are on guard for some choppy action ahead with the likelihood of a trading rally materializing soon."

The intraday bounce in tech from session lows comes even as leaders of megacap tech including Google-parent Alphabet (NASDAQ:), Facebook (NASDAQ:FB), Microsoft (NASDAQ:) and Twitter are under scrutiny on Capitol Hill.

Palantir Technologies (NYSE:), meanwhile, was up nearly more than 1% after Ark Investor Cathie Wood took a position in the stock following a more than 5% slump a day earlier.

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