Stocks were rising on Friday, Aug. 17, following a jump of nearly 400 points for the Dow Jones Industrial Average in the previous session after China and the U.S. agreed to hold trade talks next week and Walmart Inc. (WMT) topped earnings estimates and raised guidance.
The Dow rose 111 points, or 0.43%, to 25,669, the S&P 500 rose 0.33%, and the Nasdaq rose 0.13%. The Dow ended Thursday, Aug. 16, up 396 points, or 1.58%, to 25,558. It was the blue-chip index's best daily performance since April.
The meeting between China and the U.S. will take place next week as the world's two largest economies ready tariffs on billions of dollars of each other's goods on Aug. 23, on top of those already levied on July 6.
Nvidia Corp. (NVDA) fell 4.9% on Friday after the chipmaker beat earnings and sales estimates for its fiscal second quarter but issued weaker-than-expected third-quarter guidance because of declining demand for cryptocurrencies.
Nvidia posted GAAP earnings of $1.76 a share, beating Wall Street's expectations of $1.65. Revenue was $3.12 billion, beating consensus expectations of $3.1 billion.
Even though Nvidia raised its guidance for the third quarter, those estimates still came in lower than Wall Street forecasts. Revenue guidance for the quarter was $3.25 billion, plus or minus 2%, which was below a $3.34 billion consensus.
Nvidia Slides After Issuing Light Guidance: 5 Key TakeawaysNvidia Is Tumbling After Beating Earnings but Issuing Light GuidanceNvidia is a holding in in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells NVDA? Learn more now.
Nordstrom Inc.'s ( JWN) second-quarter earnings and sales beat analysts' estimates and the retailer raised its fiscal-year guidance. The stock jumped 13.27% on Friday. Nordstrom Shares Sizzle on Earnings Release, Raised GuidanceNordstrom is a holding in in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells shares of the retailer? Learn more now.
Elon Musk wasn't high when he sent a tweet on Aug. 7, that declared his hope to take publicly traded Tesla Inc. (TSLA) private.
In an interview with The New York Times, the Tesla CEO said when he tweeted that he was considering taking the electric vehicle company private at $420 a share, he wasn't making a reference to marijuana (420 is a number that has become code for marijuana) but was rounding up to a 20% premium on where the stock had been recently trading.
Tesla shares declined 8.9% on Friday to $305.50.
Musk's tweet, which has set off a probe by the Securities and Exchange Commission, was an attempt at transparency, the CEO told the newspaper, adding that no one reviewed it before it was posted.
Elon Musk Tells New York Times Tweet Was Attempt at TransparencyThe Times, citing people familiar with the matter, reported that Tesla executives have been searching for someone to assume some of Musk's responsibilities for years and said a search was currently underway.
Elon Musk Has Lost It and Must Consider Bringing In Facebook's Sheryl SandbergApplied Materials Inc. (AMAT) tumbled 7.7% on Friday after the company's fiscal third-quarter earnings and sales beat estimates but the chip and display maker issued weaker-than-expected fourth-quarter guidance.
Deere & Co. (DE) posted fiscal third-quarter revenue of $10.31 billion, up 32% from a year earlier and above forecasts of $10.22 billion, but sales growth guidance for fiscal 2018 came in below Wall Street forecasts. The stock rose 2.37%.