Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average I:DJI jumped another 100 higher on Friday after closing with a gain of nearly 400 points during the previous session.
- Nvidia Corp. (NVDA) - Get Report fell 4.9% after the chipmaker issued weaker-than-expected third-quarter guidance.
- Nordstrom Inc. (JWN) - Get Report jumped 13.27% as the retailer's second-quarter earnings and sales beat analysts' estimates.
Wall Street Overview
Stocks were rising on Friday, Aug. 17, following a jump of nearly 400 points for the Dow Jones Industrial Average I:DJI in the previous session after China and the U.S. agreed to hold trade talks next week and Walmart Inc. (WMT) - Get Report topped earnings estimates and raised guidance.
The Dow rose 111 points, or 0.43%, to 25,669, the S&P 500 I:GSPC rose 0.33%, and the Nasdaq I:IXIC rose 0.13%. The Dow ended Thursday, Aug. 16, up 396 points, or 1.58%, to 25,558. It was the blue-chip index's best daily performance since April.
The meeting between China and the U.S. will take place next week as the world's two largest economies ready tariffs on billions of dollars of each other's goods on Aug. 23, on top of those already levied on July 6.
Nvidia Corp. (NVDA) - Get Report fell 4.9% on Friday after the chipmaker beat earnings and sales estimates for its fiscal second quarter but issued weaker-than-expected third-quarter guidance because of declining demand for cryptocurrencies.
Nvidia posted GAAP earnings of $1.76 a share, beating Wall Street's expectations of $1.65. Revenue was $3.12 billion, beating consensus expectations of $3.1 billion.
Even though Nvidia raised its guidance for the third quarter, those estimates still came in lower than Wall Street forecasts. Revenue guidance for the quarter was $3.25 billion, plus or minus 2%, which was below a $3.34 billion consensus.
- Nvidia Slides After Issuing Light Guidance: 5 Key Takeaways
- Nvidia Is Tumbling After Beating Earnings but Issuing Light Guidance
second-quarter earnings and sales beat analysts' estimates and the retailer raised its fiscal-year guidance. The stock jumped 13.27% on Friday.
In an interview with The New York Times, the Tesla CEO said when he tweeted that he was considering taking the electric vehicle company private at $420 a share, he wasn't making a reference to marijuana (420 is a number that has become code for marijuana) but was rounding up to a 20% premium on where the stock had been recently trading.
Tesla shares declined 8.9% on Friday to $305.50.
Musk's tweet, which has set off a probe by the Securities and Exchange Commission, was an attempt at transparency, the CEO told the newspaper, adding that no one reviewed it before it was posted.
The Times, citing people familiar with the matter, reported that Tesla executives have been searching for someone to assume some of Musk's responsibilities for years and said a search was currently underway.
Applied Materials Inc. (AMAT) - Get Report tumbled 7.7% on Friday after the company's fiscal third-quarter earnings and sales beat estimates but the chip and display maker issued weaker-than-expected fourth-quarter guidance.
Deere & Co. (DE) - Get Report posted fiscal third-quarter revenue of $10.31 billion, up 32% from a year earlier and above forecasts of $10.22 billion, but sales growth guidance for fiscal 2018 came in below Wall Street forecasts. The stock rose 2.37%.