Stock Market Today: Stocks Rally, But Trim Gains; Top Chip Maker Surges On EPS Beat | Stock News & Stock Market Analysis

The major market averages rallied, then eased from their highs early Friday amid President Trump’s signing of a major budget plan to end the second government shutdown of the year. Top stock Nvidia (NVDA) surged 6% in the stock market today.

X The Nasdaq moved up 0.9%, while the S&P 500 and Dow Jones industrial average followed up with gains of around 0.8% apiece. The tech-heavy composite was still on pace for an over-5% decline for the week. The S&P 500 and Dow were also left with losses of about 5%, respectively. The weekly action left the market in correction.

Among companies reporting earnings, graphics-chip maker Nvidia handily beat the Street’s Q4 targets, while offering bullish guidance for the current quarter. Shares jumped 7% and have been volatile since breaking out past a 218.77 cup-shaped base buy point in early January.

Activision-Blizzard (ATVI) moved up 1% after reporting its earnings results late Thursday. Shares fell below their recent 67.13 flat-base entry and their 50-day line on Thursday.

Skechers (SKX) topped Q4 estimates, but reported weaker-than-expected Q1 earnings and sales guidance. Despite the bearish forecast, the stock moved up 10% to hit a new 52-week high. The stock found support at its 50-day line and has maintained that level since an earnings gap-up in mid October.

IBD’S TAKE: The stock market is now in a correction. Read our cover story on why stocks sold off and what you should do now.

FANG stock (AMZN) gave up early gains to trade unchanged amid a report that the e-commerce giant was building its own business package delivery service, called “Shipping with Amazon.” The stock remains well-above its 1,213.51 flat-base entry.

Meanwhile, shipping giants Fedex (FDX) and United Parcel Service (UPS) declined about 1% each, respectively. Both stocks are consolidating below their 50-day lines.

Inside the IBD 50, Cboe Global Markets (CBOE) fell another 10% Friday after its worse-than-expected earnings report. The stock is on pace to extend a losing streak to six trading sessions. During that time, the stock has fallen nearly 30% off its highs, plunging through its 50- and 200-day lines.

Elsewhere, Grubhub (GRUB) gave back a portion of Thursday’s 27% advance, falling over 4% in early trade. The company announced a partnership with Yum Brands (YUM) late Wednesday.


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Originally posted 2018-02-11 09:59:06.


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