Left Menu
Development News Edition

US STOCKS-Nvidia pushes S&P 500, Nasdaq higher amid coronavirus worries


US STOCKS-Nvidia pushes S&P 500, Nasdaq higher amid coronavirus worries

The S&P 500 and the Nasdaq edged higher on Friday, supported by Nvidia shares after its upbeat outlook, but concerns about an economic hit from the coronavirus outbreak limited gains. Nvidia Corp jumped 8% as the company forecast first-quarter revenue ahead of analysts' estimates, reinforcing expectations of a rebound in chip demand.

Its shares lifted the Philadelphia SE Semiconductor index by 0.3%, while the broader technology rose 0.5%. Meanwhile, the coronavirus epidemic in China showed no signs of easing, with health authorities reporting on Friday more than 5,000 new cases.

A recent Reuters poll showed the world's second-biggest economy will grow at its slowest pace since the financial crisis in the current quarter but the downturn will be short-lived if the outbreak is contained. "This seems to be a teflon market, where any negativity - whether it is coronavirus or anything - for now continues to get shrugged off," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Economic data continues to be good enough to sustain the market's uptrend, he added. Wall Street was on course for a second straight weekly gain after hitting a series of record highs on a largely positive fourth-quarter earnings season and confidence in the U.S. economy.

However, data released on Friday was not so rosy. A Commerce Department retail sales report showed consumer spending likely slowed further in January, while separate data indicated industrial production fell more than expected last month. At 11:44 a.m. ET, the Dow Jones Industrial Average was down 2.36 points, or 0.01%, at 29,420.95. The S&P 500 was up 4.78 points, or 0.14%, at 3,378.72 and the Nasdaq Composite was up 25.48 points, or 0.26%, at 9,737.45.

The fourth-quarter earnings season is approaching the final lap. About 71% of the 378 S&P 500 firms that have reported so far have topped earnings estimates, according to IBES by Refinitiv. Expedia Inc jumped 11.3% after the online travel services company forecast strong quarterly core earnings amid coronavirus uncertainties.

The energy, healthcare and industrial sectors were the losers among the 11 major S&P sectors. U.S. financial markets are closed on Monday for President's Day.

Advancing issues outnumbered decliners by a 1.17-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.02-to-1 ratio on the Nasdaq. The S&P index recorded 59 new 52-week highs and two new low, while the Nasdaq recorded 110 new highs and 41 new lows.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

How can technology help the future of mobility?

More than a billion people or one-third of the global rural population lacked access to all-season roads and transport services in 2016, subsequently hindering the socio-economic development....

Videos

Latest News

China reports 105 new deaths from coronavirus on mainland on Feb 16

The death toll from a coronavirus outbreak in mainland China reached 1,770 as of the end of Sunday, up by 105 from the previous day, the countrys National Health Commission said on Monday morning.The number of new deaths in Chinas central H...

ANALYSIS-Unequal cities bear the brunt of deadly disease outbreaks

As the Chinese city of Wuhan, the epicentre of the new coronavirus becomes the latest urban centre to face a deadly disease outbreak, city planners and physicians say such densely packed hubs are particularly vulnerable and may need a redes...

EXCLUSIVE-Major Thai coffee brand vows to repay 200 debt-ridden farmers

By Nanchanok Wongsamuth CHIANG RAI, Thailand, Feb 17 Thomson Reuters Foundation - A major Thai coffee brand has vowed to repay about 200 farmers who were forced to take out loans while waiting nearly three years for payment, leaving them wi...

Henrique's two goals help Ducks over Canucks

Adam Henrique scored two goals for the visiting Anaheim Ducks in a 5-1 win against the Vancouver Canucks on Sunday. Derek Grant had a goal and an assist, Sam Steel and Brendan Guhle also scored, and John Gibson made 37 saves for the Ducks, ...

Give Feedback