* Oracle erases profit after hitting intraday record
* Content only adds S&P area to end the week (closes the market)
NEW YORK, September 11 (Reuters) – The Nasdaq Slide and the S&P 500 changed slightly on Friday with initial gains in technology and development names, with each of the three major Wall Street averages posting their second straight weekly decline.
After hitting a record high of $ 61.86, shares of Oracle Corp fell short with the rest of the technology sector. Cloud services beat the company’s earnings estimates and indicated an improvement in customer spending due to higher demand due to the work-at-home trend.
The tech sector posted its fifth decline in six days and the biggest weekly percentage drop since March as investors sold companies such as Apple Inc. that accelerated the dramatic rally from coronovirus-driven lows in March.
The path of least resistance to the stock is volatile and probably slightly lower than here, said Art Hogan, chief market strategist at National Securities in New York.
“Just because we shaved 10 or 11 percent off the Nasdaq in three days, that doesn’t mean there’s an end to panic and that’s kind of where we’re at now,” Hogan said.
Growth stocks, including several technical names, along with others that have benefited from government-imposed lockdowns such as Amazon.com Inc. In contrast, value names are tilted upward.
Once a month, the market experiences several days or slightly increases the price increase for investors, said Tim Ghrasky, chief investment strategist for the Invertis Council in New York.
“Although growth is not cheap, it is growth and many of these companies are doing well during the epidemic, so I wouldn’t be surprised when the money comes back,” said Griskey.
Informally, the Dow Jones Industrial Average rose 140.75 points or 0.51% to 27,675.33, the S&P 500 rose 4.12 points or 0.12% to 3,343.31 and the Nasdaq Composite fell 61.35 points or 0.56% to 10,858.24.
Industrials and financial stocks gave the benchmark index the most boost. Content was the only S&P sector to go higher on the week.
Profits at Home Depot Inc. and Caterpillar Inc. led to the closure of the Dow industry.
Many investors view the recession as a healthy consolidation following an astonishing five-month rally in the recent S&P 500 that was driven by a narrow group of heavyweight tech companies and massive fiscal and monetary stimulus.
Meanwhile, the latest data showed a solid rise in US consumer price in August, but the declining labor market is likely to keep a lid on inflation as the economy recovers from the COVID-19 recession.
Exercise bike maker Peloton Interactive Inc., another beneficiary of the coronovirus lockdown, gave up early gains and turned negative, even reporting forecast-quarterly revenue due to an increase in customers and demand for its fitness products during the epidemic Increased. (Chuck Mikolajcak reports in New York editing by Matthew Lewis)