By Yasin Ebrahim

Investing.com – The S&P 500 eased from session highs Thursday, but remained supported by a bounce in financials and tech stocks following a recent a rout.

The Nasdaq rose 0.3% and the gained 0.3% (116 points).

Following a recent selloff, the financial sector rebounded as investors digested better than expected quarterly results from this sector and bought recent bank stock dips.

After the Insurance company, Travelers Companies (NYSE :), delivered impressive quarterly results which beat both the bottom and top lines due to gains in premiums writing, the stock price of Travelers Companies jumped over 4%

State Street (NYSE:) and Bank of New York Mellon(NYSE:). Both of these companies were already under severe pressure after quarterly earnings fell below Wall Street’s forecasts. They both gained over 2%.

M&T Bank (NYSE:) and Regional Financials, however, were in the red, after quarterly results missed analysts’ expectations.

Technology was attempting to create a second recovery as investors looked forward to the start of quarterly results for big tech. Netflix (NASDAQ: ) will report shortly after closing bell.

Ahead of Netflix results, some on Wall Street have turned less constructive on the steaming media giant’s performance during the fiscal quarter, citing third-party data pointing to underwhelming subscriber additional in the quarter.

“As most Netflix data watchers have noticed, third party data that is used to gauge 4Q net adds has not been encouraging,” Deutsche Bank said in a note last week.

“Our analysis of Google trends data leads us to lower our 4Q net add estimate to 7.25 million, as compared to guidance of 8.5 million,” it added.

Amazon (NASDAQ 🙂 was the FAANG’s notable loser, while Alphabet and Meta Platforms were (NASDAQ :), Microsoft (NASDAQ :), and Apple (NASDAQ 🙂 traded higher.

Energy stocks ignore falling oil prices despite unexpectedly rising crude stockpiles in America.

Weekly jobless claims were expected to rise, but economists downplayed this upside surprise, citing omicron effects.

In the week ended Jan.15, initial jobless claims rose by 55,000 to 286,000, surpassing all expectations of a fall to 225,000.

“It is likely that business disruptions due to the spread of the Omicron variant of COVID had an impact on the data this week. We suspect that these disruptions will prove to be short-lived, but they will create some volatility in the next couple of weeks,” Jefferies said in a note.

Peloton Interactive (NASDAQ) is said to have plans to end production of its connected products because there’s waning demand. CNBC reported that this was based on internal documents. Shares of Peloton Interactive fell over 17%.