The markets attempted to recover some of yesterday's losses and showed modest gains across the board. The Dow 30 was higher by 14, the S&P 500 added 3, and the Nasdaq 100 gained 39 going into the weekend. Investors still seemed cautious to take risk into the weekend as volume was lighter than average. Next week the focus will be back on earnings, along with some more data from the Federal Reserve's last meeting.
Nvidia (NASDAQ: NVDA)suffered another sharp sell off today as the company reported earnings after the close yesterday. The initial report showed that earnings and a sales were better than expected with growth of over 50%. Investors did not like the numbers in its data center sales which showed slower growth. The media focused heavily on this as well as data center sales are always a major metric for the tech company. Despite the two day push lower, Nvidia is still one of the better performing tech stocks this year.
JCPenney's (NYSE: JCP) stock sold off 15% today, breaking to new, all-time lows. The company reported earnings that showed a loss that was bigger than Wall Street's expectations. Despite showing revenue that was better than expected and issuing an upbeat outlook for the year, investors could not take their attention away from the loss of 9 cents per share. Shares are now lower by 50% on the year and trading at only $4 per share.
Nordstrom's (NYSE: JWN) was another retailer to announce earnings results, though Nordstrom's were much better. The earnings report showed a beat on its top and bottom lines. Investors were also impressed by their same-store sales numbers which showed growth of 1.7%. According to analysts reports, Nordstrom's results were "largely driven by growth in online shopping, with sales growth of 20% at Nordstrom.com."