Stock Market News: Nasdaq Pares 1.9% Intraday Loss As Chip Stocks Lead

The stock market staged an impressive recovery near midday Wednesday. Wall Street woke up in a bad mood, shaken by news that a China manufacturing index contracted for the first time in two years. In stock market news, the Nasdaq composite dropped 1.9% intraday, but recovered nicely. Goldman Sachs (GS) outperformed in the Dow Jones, while chip stocks like AppliedMaterials (AMAT), Micron (MU) and KLA-Tencor (KLAC) led the Nasdaq 100.




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The Nasdaq was down 0.2% just after midday, while the S&P 500 was off 0.4% and the Dow Jones industrial average had narrowed to a 0.5% loss. Small caps outperformed, with the Russell 2000 up 0.6%. Volume on the NYSE and Nasdaq was tracking higher than Monday’s low, inter-holiday levels.

Stock Market News

Among the FANG stocks, Facebook (FB) stock outperformed, rising nearly 4%. Netflix (NFLX) stock lagged after SunTrust cut its price target to 355 from 410.

In other stock market news, oil and gas industry groups were among the day’s top performers, helped by a nice jump in oil prices. At the New York Mercantile Exchange, February U.S. crude oil futures were up more than 3% to $46.91 a barrel.

Chip leader Xilinx (XLNX) was a nice gainer in the IBD 50, up more than 1%. Chip stocks did well overall, helping the Philadelphia semiconductor index to a gain of around 0.7%. It’s on pace for its fifth straight gain.

In the stock market, Tesla (TSLA) stock was under pressure, down 7%, after Model 3 deliveries in the fourth quarter came up a bit short of estimates.

Inside the MarketSmith Growth 250, Crocs (CROX) was a nice gainer, up nearly 5%, helped by positive comments from Susquehanna.

Deckers Outdoor (DECK), meanwhile, picked up nearly 3% to 130.27. It’s showing good action around the 50-day moving average as it works on a base with a 137.59 buy point.

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