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Stock Market Today: Tech-Heavy Nasdaq Falters, But Starts To Recover; Chip Stocks Pummeled | Stock News & Stock Market Analysis

The major market indexes were solidly lower in morning trade on Friday, ahead of the U.S. Senate’s expected 11 a.m ET vote on the tax bill. On the economic front, the ISM Manufacturing Index for November came in at 58.2 compared to the Econoday 58.4 consensus figure.

X The tech-heavy Nasdaq faltered 0.3%, while the Dow Jones industrial average and S&P 500 declined 0.1% apiece.

Among the Dow Jones industrial components, Chevron (CVX) paced the advancers with 0.7% rise amid a 2% gain in the price of crude oil. The stock is approaching a 120.99 flat-base buy point.

On the downside, Apple (AAPL) fell 0.5%, as it looks to close out the week with a more-than-2% weekly decline. Shares remain extended from a 160.97 cup-with-handle entry.

Elsewhere in the Dow, Visa (V) dropped over 1%, but remains above the 50-day line and well-above a 96.70 flat-base buy point.

FANG stock Amazon.com (AMZN) fell 0.2% amid a report from CNBC that the e-commerce giant was in talks with generic drugmakers Mylan (MYL) and Novartis (NVS) unit Sandoz about a potential entry into the pharmacy market. The stock is extended from a 1083.41 buy point.

Tech leader Facebook (FB) dropped 0.3% and is back at its 50-day line. Shares are right above a 175.59 flat-base buy point.

Among companies reporting earnings, IBD Sector Leader Five Below (FIVE) handily beat top- and bottom-line estimates late Thursday. Shares moved down 1.4%, but remain well-extended above a 54.23 buy point.

Discount retailer Big Lots (BIG) dropped 4% early, falling back into the 5% buy range from a 54.28 cup-with-handle entry. Early Friday, the company reported better-than-expected earnings, while raising its current-quarter and full-year guidance.

Beauty store Ulta Beauty (ULTA) fell over 4% after it reported slowing same-store sales growth and a mixed Q4 outlook. Shares have been stuck in a downtrend since mid-2017 and are currently more than 30% from its 52-week high.

Within the IBD 50, only a handful of names were trading in positive territory in morning trade, while leading chip stocks were under pressure in the stock market today.

Applied Materials (AMAT) declined over 2% and fell further below its 50-day line. Meanwhile, graphics-chip maker Nvidia (NVDA) continued its battle for support at the 50-day line. Shares fell nearly 2%.

On the downside, Alibaba (BABA) was on pace to snap a four-day losing streak, rising 0.2%. Still, shares were on track to close below the 10-week line for the first time since a Feb. 22 breakout above a 104.67 cup-with-handle entry. Shares have risen as much as 83% from that buy point.

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