Facebook (NASDAQ:FB) rose sharply in midday trading, while energy stocks also gained. But real estate stocks struggled on interest-rate concerns.
Facebook stock climbed about 3.7% at 11:55 AM ET (15:55 GMT).
Shares were pummeled after the company’s weak quarterly sales number and cautious guidance. But with Apple’s strong numbers, investors are dipping into some of the beaten-down FAANG stocks again.
Also active was T-Mobile (NASDAQ:TMUS), up about 4.7%, and Sprint, up about 9%. T-Mobile announced a stripped-down $60-per-month wireless plan, which could help to convince regulars that the marketplace for mobile phone service would still be competitive if it approves T-Mobile’s proposed acquisition of Sprint.
Energy stocks gained as WTI oil futures surged, with the S&P Energy Sector index up about 0.5%.
Oil climbed after Saudi Arabia said it pumped less crude that anticipated in July. Meanwhile, the first batch of U.S. sanctions on Iran will go into effect Tuesday.
Devon Energy (NYSE:DVN) climbed about 2.3% and Baker Hughes (NYSE:BHGE) rose about 2%.
But the S&P Real Estate Sector index lost about 0.4%. Worries about rising interested rates were piqued after JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon said rates of 5% or more were “a higher probability than most people think.”
Regency Centers (NYSE:REG) was the biggest-losing component, falling about 1.4%.