Wall Street regains momentum after Thursday's sharp sell off but simmering North Korea tension remain a backdrop to Friday's trading session and safe havens such as gold and government bonds make gains.
From the top:
- Stock market recovers but ends week down
- July inflation figures weak
- Snap's share price crackles and pops
- Nvidia cloud burst as stocks decline
Investors are also wagering that the Federal Reserve will hold off a rise in rates given the soft inflation data for July released by Labor Department on Friday of a modest 0.1% increase. The three major indexes closed out the week in positive territory following yesterday's lows. The Dow closed +0.07%, the S&P 500 +0.13% and Nasdaq gained +0.64%.
- Dow 21,859 +0.07%
- S&P 500 2,441 +0.13%
- Nasdaq 6,256 +0.64%
- Russell 2000 1,375 +0.22%
- NYSE Composite 11,774 +0.02%
- Gold 1,296 +0.50%
- Oil WTI $48 +0.39%
- 10-Year Treasury Yield 2.19% -0.008%
The leading groups in Thursday's session were renewable energy (+1.95%), recreational products (+1.82%) and mobile telecommunications (+1.78%). The indexes fell lower for the week with the Dow Jones Industrial Average -1.06%, the Nasdaq Composite down -1.50% and the S&P 500 fell -1.43%.
In the tech sector, it was a day marked by clear winners and losers. Among the more popular stocks lifting indexes were Microsoft (+1.54%), Cisco (+1.42%), Apple (+1.39%) and Netflix (+1.36%).
Snap share plunge
In the losing corner were Nvidia which despite a glowing earnings report was down -5.34% and Snap with a plunge of -14.09% in its third worst day following its disapointing earnings results with significant misses on a few key figures.
This was Snap's second earnings report since its IPO launch and it failed to ignite investors. It reported a loss of 16 cents per share on revenue of $181.7m lower than analysts' estimates of 14 cents per share and revenue of $186.2m. The number of daily active users were 173 million which fell short of estimates for 174 million.