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Tech Stocks Recover, But Facebook, Nvidia Sit Rally Out

It was another volatile session for the stock market Friday as earnings from Nvidia (NVDA) and Applied Materials (AMAT) cast a pall on tech stocks early. But after falling 1.2% intraday, the Nasdaq composite was only down 0.1% in late trading. Improving sentiment was fueled by positive comments from President Donald Trump about China trade talks.




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With about one hour left to go in the session, the Dow Jones industrial average led the way, up 0.5%. The S&P 500 added 0.3% and the Russell 2000 small-cap index eased 0.1%.

Top gainers in the Dow included UnitedHealth (UNH), Travelers (TRV), 3M (MMM) and Leaderboard name McDonald’s (MCD). Gains ranged from 2% to 2.5%.

In the stock market today, the Philadelphia Semiconductor index pared losses but still lost 1.1%. Shares of Nvidia plunged 19% after the company reported earnings and issued sales guidance well below expectations. Chip-equipment firm Applied Materials cratered more than 8% early, also on weak sales guidance, but the stock reversed higher. Shares were up 0.5%.

Tech Stocks: Facebook Knocked Lower

Shares of Facebook (FB) lagged, down 3%. The stock is still facing fallout from a New York Times story Wednesday that raised more questions about how the company handled the Russian interference scandal in 2016. The story also said Facebook hired a public relations firm to dig up dirt on competitors.

Tech stocks in the IBD 50 also lost ground, including Square (SQ), down 4%. To its credit, Square is holding above its 200-day moving average as it consolidates gains.

BioTelemetry (BEAT), featured in today’s Sector Leaders story, was a top gainer in the IBD 50. Shares were up 2% after a nice bounce off the 50-day moving average Thursday.

Retail Weakness

Disappointing earnings in the retail sector from Nordstrom (JWN) and Williams-Sonoma (WSM) also weighed on sentiment early. Shares of Nordstrom fell 14% over concerns about slowing traffic at its full-price stores. Williams-Sonoma lost 12% on disappointing sales and soft holiday guidance.

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