Mar­ket Roundup

Los Angeles Times - - BUSINESS -

Gains by tech­nol­ogy com­pa­nies helped snap a three-day los­ing streak for U.S. stocks Fri­day, though the mar­ket ended with its worst weekly loss since March.

The mod­est re­bound came at the end of a tur­bu­lent week on Wall Street as escalating ten­sions be­tween the U.S. and North Korea rat­tled global mar­kets.

In the first four days of the week, the Stan­dard & Poor’s 500 in­dex swung from mark­ing its lat­est record high to post­ing its big­gest sin­gle-day drop in nearly three months.

The neg­a­tive head­lines pro­vided many in­vestors with an op­por­tu­nity to pocket some of their re­cent gains fol­low­ing a string of record highs fu­eled by strong cor­po­rate earn­ings.

“It’s been a bit of a roller coaster this week, with all the rhetoric be­tween the U.S. and North Korea,” said Jeff Kravetz, re­gional in­vest­ment strate­gist at U.S. Bank Wealth Man­age­ment. “That did tem­po­rar­ily shake in­vestors’ com­pla­cency, but we think mar­kets are ready to move higher in the back half of the year.”

The re­cov­ery fit a re­cent pat­tern of in­vestors us­ing dips to put more money in stocks.

There were fewer signs of anx­ious­ness in the mar­kets Fri­day. Bonds and gold, tra­di­tional havens for ner­vous in­vestors, saw prices lit­tle changed, and the VIX, a mea­sure of how much volatil­ity in­vestors ex­pect in stocks, fell 3.3% af­ter a 44.4% jump the day be­fore.

Traders sold off fi­nan­cial stocks amid spec­u­la­tion that the Fed­eral Re­serve will de­cide to hold off on rais­ing in­ter­est rates. Re­gions Fi­nan­cial fell 1.6% to $14.07.

Tech firms, which suf­fered the brunt of the selling Thurs­day, were back in the lead Fri­day. Lam Re­search Corp. rose 3.2% to $154.26.

Sea­gate Tech­nol­ogy rose 2.3% to $32.29 af­ter in­vestor ValueAct dis­closed that it had ac­quired a 7.2% stake in the dig­i­tal stor­age com­pany.

Nvidia, how­ever, slid 5.3% to $155.96. The maker of graph­ics chips posted earn­ings that beat ex­pec­ta­tions, but in­vestors were wor­ried about slow­ing growth in its data cen­ter busi­ness.

J.C. Pen­ney sank 16.6% to $3.93 af­ter the de­part­ment store chain re­ported quar­terly re­sults that fell short of ex­pec­ta­tions and said sales at es­tab­lished stores fell for the fourth straight quar­ter.

Trade Desk jumped 8.8% to $54.45 af­ter the Ven­tura dig­i­tal-ad­ver­tis­ing plat­form op­er­a­tor’s earn­ings and rev­enue came in well ahead of ex­pec­ta­tions.

Bond prices rose. The yield on the 10-year Trea­sury note fell to 2.19% from 2.20%.

Bench­mark U.S. crude rose 23 cents to $48.82 a bar­rel. Brent crude rose 20 cents to $52.10 a bar­rel.

Whole­sale gaso­line rose 1 cent to $1.61 a gal­lon. Heat­ing oil was lit­tle changed at $1.63 a gal­lon. Nat­u­ral gas stayed at $2.98 per 1,000 cu­bic feet.

Gold rose $3.90 to $1,294 an ounce. Sil­ver rose 1 cent to $17.07 an ounce. Cop­per rose 1 cent to $2.91 a pound.

The dol­lar fell to 109.04 yen from 109.26. The euro rose to $1.1812 from $1.1774.

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