The markets traded back and forth today, ultimately finishing the day higher. The Dow 30 closed higher by 123, the S&P 500 added 6, but the Nasdaq 100 closed down on the day by 11 thanks to weak earnings from some tech names. Next week is the Thanksgiving holiday here in the States and any market action will likely take place early in the week.
Semiconductors were lower on the day as the rollercoaster week for the sector comes to an end. After disappointing earnings from Nvidia and Applied Materials (AMAT ) which make up a combined 11% of the space. After all the back and forth this week, the sector will close down about 2%.
Oil continued to recover from its recent selloff, now trading higher for 3 days in a row. The move comes as OPEC and its allies are expected to cut their overall output by as much as 1.4 million barrels per day next month. They will meet on December 6th to decide on their 6-month production policy.
Facebook (FB ) shares were lower today as the New York Times reported that the company initially ignored the Russian efforts to use Facebook as a means to interfere in the 2016 Presidential election and then intentionally tried to cover it up. Company COO Sheryl Sandberg as well as CEO Mark Zuckerburg responded to the allegations, but shares broke to new, 52-week lows in the process. The stock is now lower by 20% on the year.
Nvidia (NVDA ) shares were sharply lower on the day after reporting earnings. The company beat on earnings, but reported revenue that was well below analyst expectations. The company also guided lower on fourth quarter revenue, which was also below Wall Street's expectations. Shares are now lower by about 15% on the year.
Nordstrom (JWN ) shares were sharply lower on the day, suffering its biggest loss in over two years as the company reported earnings. The focus was on weaker sales and weaker gross margins than expected along with a $72 million charge thanks to refunds issued to customers for a credit card error that caused the company to overcharge.