Nasdaq Leads Early Declines, Dow Fights To Hold 24,000 | Stock News & Stock Market Analysis

Stocks opened narrowly lower Friday, heading into the first trading session of December, as delayed Senate tax reform efforts appeared to make progress and the Dow fought to hold above the 24,000 level.

XThe Dow Jones industrial average eased 0.1%, the the S&P 500 opened a fraction in the red. The Nasdaq Composite opened to a 0.3% decline, as Apple (AAPL) shed 0.9% and all four of the FANG stocks opened lower.

U.S. stock futures and European markets pulled back after a congressional committee review late Thursday found the financial impact of the bill fell short of expectations. But news reports early Friday noted at least two GOP Senate holdouts were prepared to support the measure, after minor modifications. The Senate aimed to submit the measure to a vote on Friday.

Ambarella, VMware Jump; GE, Visa Lead Dow Declines

On the Dow, General Electric (GE) and Visa (V) each dropped more than 1%. Chevron (CVX) led the upside with a 1.1% gain. (AMZN) dipped 0.7%, despite a price target hike, to 1,330 from 1,165,  from Oppenheimer. News reports late Thursday said Amazon was in preliminary talks with generic drugmakers Mylan (MYL) and Novartis (NVS) regarding potential entry into the pharmaceuticals markets. Mylan rose 4% in early action. Novartis slipped 0.2%.

Among chipmakers, Qualcomm (QCOM) dropped 1.2%. Micron Technology (MU) and Nvidia (NVDA) also each fell more than 1%.

Ambarella (AMBA) powered up 16% as its third-quarter earnings and revenue decreased less than forecast by analysts. The gap up gain put the chip developer out of buy range above a 55.23 buy point in a cup-with-handle base.

VMware (VMW) rose 2%, and IBD 50 name Five Below (FIVE) slipped more than 1% after their earnings reports. Five Below is extended and pressing into new highs. VMware is in a buy range, on a rebound from support at its 10-week moving average.

China-based names were feeling some early pressure, with JD.Com (JD), Baidu (BIDU) and Alibaba Group Holdings (BABA) trading with losses of between 1% and 2%.

Bitcoin jumped above $10,700, up from $10,100 in early trade and after spiking briefly above $11,000 on Wednesday. Crytpocurrency-related play Riot Blockchain (RIOT) swept up 6% in premarket action and Marathon Patent Group (MARA) spiked 9%, while Bitcoin Investment Trust (GBTC) vaulted 8% higher .

Manufacturing Slows; Auto Sales, Construction Spending Coming Up

Manufacturing growth slowed in November, according to researcher Markit, which reported its November manufacturing index at 53.9, down from 54.6 in October and below consensus views for 54.5

The Institute of Supply Management’s manufacturing purchasing managers index is due out at 10 a.m. ET. The Commerce Department’s October construction spending estimates are also slated for release at 10 a.m.

The weekly oil and gas rig count report from Baker Hughes (BHGE) fills the 1 p.m. ET release slot. November sales results from automakers are expected throughout the day.

Fed officials will be out in force Friday, with St. Louis Federal Reserve Bank President James Bullard set to speak just after 9 a.m. ET, Dallas Fed President Report Kaplan is up next, speaking at 9:30 am. ET in McAllen, Texas, and President Patrick Harker of the Philadelphia Federal Reserve bats cleanup with a 10:15 a.m. ET speech.


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Originally posted 2017-12-03 16:24:46.


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