Fly Intel: Wall Street's top stories for Friday
Stocks began the session little changed and drifted in a narrow range for most of the morning. Midway through the afternoon, reports surface that a roadmap toward a resolution to the trade dispute with China was being worked out. The report brought out the buyers, who lifted the markets to session highs. Oil prices moved higher as well, adding 0.7% for the day to close at $65.91 a barrel. ECONOMIC EVENTS: In the U.S., the University of Michigan consumer sentiment reading dropped 2.6 points to 95.3 in the August preliminary report after sliding 0.3 ticks to 97.9 in July. The leading economic indicators rose 0.6% to 110.7 in July, marking another record high for the index. In trade news, the Wall Street Journal reported that Chinese and U.S. negotiators are preparing a road map for talks to end their trade dispute culminating with meetings between President Trump and Chinese leader Xi Jinping at multilateral summits in November. In energy news, Baker Hughes reported that the U.S. rig count is unchanged at 1,057 rigs, with oil rigs unchanged at 869. COMPANY NEWS: Shares of Tesla (TSLA) slid nearly 9% after CEO Elon Musk told the New York Times in a candid interview that this past year "has been the most difficult and painful year of my career... It was excruciating"... On the earnings front, Nvidia (NVDA) shares fell about 5% after the company reported second quarter results and provided guidance for the third quarter after the close last night. Of note, Nvidia said that it sees no contributions from cryptocurrency going forward, despite having previously anticipated cryptocurrency contributions "to be meaningful for the year"... Shares of Nordstrom (JWN) rose 13% after the retailer reported better than expected Q2 results last night, with comparable sales rising 4% in the quarter. The company also raised its guidance for earnings, revenue, and comparable sales for fiscal 2018... Deere (DE) shares were up 2% after the farm equipment maker reported better than expected quarterly results... In addition, shares of TiVo (TIVO) dropped more than 4% after Bloomberg reported that Amazon (AMZN) is working on a digital video recording device that would include physical storage and connect to Fire TV boxes. MAJOR MOVERS: Among the noteworthy gainers was Accuray (ARAY), which gained 10% after reporting quarterly results. Among the notable losers was DSW (DSW), which slipped nearly 5% after Susquehanna analyst Sam Poser downgraded the stock to Negative from Neutral, stating that he expects guidance to be reduced following the next earnings call. Also lower was Applied Materials (AMAT), which fell about 8% after reporting quarterly results. INDEXES: The Dow rose 110.59, or 0.43%, to 25,669.32, the Nasdaq gained 9.81, or 0.13%, to 7,816.33, and the S&P 500 advanced 9.44, or 0.33%, to 2,850.13.