Dow Up 70, Nasdaq Still In The Red

The Dow and S&P 500 have turned positive while the Nasdaq still lags in negative territory.

In afternoon trade the Dow was up 60 points, the S&P 500 was up 4 points, while the Nasdaq was still down 31 points.

The Nasdaq is being dragged down by shares of Tesla, which are down more than 8% after the company last night unveiled a new all-wheel drive model.

After Thursday’s sharp sell off that saw the Dow lose more than 330 points, stocks were set to open lower for much of the morning, with US stock futures down more than 1% across the board at one point.

Overnight in Asia, stocks took their lead from US stocks, with the Hang Seng in Hong Kong falling more than 2% and Japan’s Nikkei falling more than 1%.

Stocks are also lower in Europe, with Germany’s DAX seeing the largest loss, falling more than 1%, while stocks in London and Paris are down more than 0.8% each.

Blackstone also announced that it is spinning off its advisory business.

After Thursday’s sharp sell off, traders are watching for a number of technical indicators on Friday given that there is little in the way of economic news, with UBS’ Art Cashin telling King World News that if the S&P 500 stays below 1,925 it could “cascade” down to 1,900 or 1,905.

In afternoon trade on Friday the S&P 500 was right at 1,929.

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