Nvidia Corp (NVDA) Financial News - US STOCKS-Wall St falls on tech outlook worries
Nvidia Corp (NVDA)
US STOCKS-Wall St falls on tech outlook worries
2010-07-30 05:53:49
Keywords: United States of America,Equities,Market Reports,Semiconductors,Semiconductor equipment and products,Commercial services and supplies (industry group),Industrial machinery,Machinery,Software,Computer Software,Integrated oil and gas,Energy and Resources,Fo
Quote: The S&P
500 fell for a third straight day and has run into resistance
around its 200-day moving average as investors searched for a
catalyst to take stocks higher. Friday's Commerce Department report on second-quarter gross
domestic product will be another marker for the strength of the
recovery, which appears to be losing steam after several weak
economic reports. Investors took advantage of early declines on Thursday to
bargain hunt, particularly in the technology sector, which had
fallen over 1 percent after tech firms Nvidia Corp (NVDA.O) and
Symantec Corp (SYMC.O) gave weak outlooks. But the PHLX Semiconductor Index .SOXX bounced off a
session low near its 200-day moving average, watched by
investors to determine market movement. "Any time you have a pullback like today, it's going to
look like a very good entry point," said Craig Ellis, managing
director of Caris & Company in San Francisco. "Investors have
shown a lot of interest in adding to well-positioned, big-named
stocks, but were looking for a good entry point." The index was still down 1.9 percent but was up 6 percent
for July. The Dow Jones industrial average .DJI dropped 30.72
points, or 0.29 percent, to 10,467.16. The Standard & Poor's
500 Index .SPX dropped 4.59 points, or 0.41 percent, to
1,101.54. The Nasdaq Composite Index .IXIC dropped 12.87
points, or 0.57 percent, to 2,251.69. On the economy, St. Louis Federal Reserve Bank President
James Bullard said he is worried about the risks the United
States could fall into a Japan-style quagmire of falling prices
and investment. That pressured stocks before a late session
rebound. "Any time you make the comparison that the U.S. might look
like Japan that has to be considered a negative," said Michael
Sheldon, chief market strategist at RDM Finan...Open whole article (external link)