US STOCKS-Wall Street rallies as growth stocks rebound; Twitter slides

Reuters

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    * Tesla leads gains among megacap growth stocks
    * All major indexes set for steep weekly losses
    * Indexes jump: Dow 1.45%, S&P 2.36%, Nasdaq 3.67%

 (Adds comment, details; updates prices)
    By Devik Jain and Bansari Mayur Kamdar
    May 13 (Reuters) - Growth stocks led a rebound in Wall
Street's main indexes on Friday in a week marred by worries
about the worsening outlook for economic growth, while Twitter
sank after Elon Musk put his deal for the social media company
on pause.
    All the 11 major S&P sectors advanced, with energy  .SPNY ,
technology  .SPLCRT  and consumer discretionary  .SPLRCD  stocks
climbing more than 3% each.
    Growth stocks Microsoft Corp  MSFT.O , Apple Inc  AAPL.O ,
Google-owner Alphabet Inc  GOOGL.O , Amazon.com  AMZN.O  and
Nvidia Corp  NVDA.O  gained between 3.2% and 9.4% after falling
for most of the week.
    "This is probably more of just trying to catch a trade.
There's not really the kind of evidence that suggests this is
the market bottom yet, it kind of suggests that we are close but
there probably needs to be a bit more pain," said Tom Martin,
senior portfolio manager at GLOBALT in Atlanta.
    U.S. stocks have swung wildly this week on fears that the
Ukraine war, surging inflation, COVID-19 lockdowns in China and
a hawkish Federal Reserve policy could spark a global economic
slowdown.
    Fed Chair Jerome Powell repeated on Thursday his expectation
that the central bank will raise interest rates by half a
percentage point at each of its next two policy meetings while
pledging that "we're prepared to do more" if data turns the
wrong way.  urn:newsml:reuters.com:*:nL2N2X433H
    Money markets are pricing a 69% chance of a 75-basis point
rate hike in June.  IRPR 
    The S&P 500 index  .SPX  on Thursday came within a striking
distance of confirming a bear market after dropping from its
all-time closing high on Jan. 3. The tech-heavy Nasdaq  .IXIC 
is already in a bear market, down 24.6% from its record close in
November last year.
    The benchmark S&P 500 and the Nasdaq are on course for their
sixth straight weekly loss, while the blue-chip Dow  .DJI  was
set for a seventh consecutive weekly fall.
    At 11:54 a.m. ET, the Dow Jones Industrial Average  .DJI 
was up 458.85 points, or 1.45%, at 32,189.15, the S&P 500  .SPX 
was up 92.62 points, or 2.36%, at 4,022.70, and the Nasdaq
Composite  .IXIC  was up 416.87 points, or 3.67%, at 11,787.84.
    Twitter Inc  TWTR.N  was among the biggest losers, slumping
8.1% after Tesla chief Elon Musk said the $44-billion deal to
buy the micro-blogging platform was "temporarily on hold" even
though he said he is committed to the acquisition.  urn:newsml:reuters.com:*:nL3N2X520W
    Tesla Inc  TSLA.O  jumped 5.8%.
    Robinhood Markets Inc  HOOD.O  surged 24.8% after Samuel
Bankman-Fried, chief executive and founder of cryptocurrency
exchange FTX, revealed a 7.6% stake in the brokerage app
company.  urn:newsml:reuters.com:*:nL2N2X434I
    Occidental Petroleum  OXY.N  climbed 7.4% after Warren
Buffett's Berkshire Hathaway  BRKa.N  disclosed buying more
shares of the oil company this week.  urn:newsml:reuters.com:*:nL2N2X50YB
    Advancing issues outnumbered decliners by a 4.84-to-1 ratio
on the NYSE and by a 4.11-to-1 ratio on the Nasdaq.
    The S&P index recorded one new 52-week high and 30 new lows,
while the Nasdaq recorded six new highs and 251 new lows.
 
    

 (Reporting by Devik Jain, Bansari Mayur Kamdar in Bengaluru;
Editing by Sriraj Kalluvila, Aditya Soni and Arun Koyyur)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))

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