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US STOCKS-S&P 500, Dow little changed amid coronavirus worries; Nvidia forecast buoys Nasdaq

Published 02/14/2020, 11:37 PM
Updated 02/14/2020, 11:40 PM
© Reuters.  US STOCKS-S&P 500, Dow little changed amid coronavirus worries; Nvidia forecast buoys Nasdaq
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* Nvidia Corp climbs after upbeat revenue forecast
* EBay rises on additional share buyback, profit forecast
* Expedia jumps on upbeat quarterly core earnings outlook
* Dow dips 0.08%, S&P and Nasdaq flat

(Updates to open)
By Medha Singh
Feb 14 (Reuters) - The S&P 500 and the Dow barely moved on
Friday, as worries over an economic hit from the coronavirus
outbreak refrained investors from making big bets ahead of a
long weekend, while gains in Nvidia shares kept the Nasdaq in
positive territory.
Adding to the downbeat sentiment were a Commerce Department
retail sales report showing consumer spending likely slowed
further in January and data indicating industrial production
fell more than expected last month. Meanwhile, the coronavirus epidemic in China showed no signs
of easing, with health authorities reporting more than 5,000 new
cases on Friday. A recent Reuters poll showed the world's second-biggest
economy will grow at its slowest pace since the financial crisis
in the current quarter but the downturn will be short-lived if
the outbreak is contained. "Investors are definitely keeping an eye on how much the
coronavirus is spreading and where it spreads to. It still
remains the biggest risk going forward," said Robert Pavlik,
chief investment strategist and senior portfolio manager at
SlateStone Wealth LLC in New York.
"Earnings from last night are definitely helping the
sentiment but it's still too early to tell how the day will go."
Wall Street is on course for a second straight weekly gain
after hitting a series of record highs, as a largely positive
fourth-quarter earnings season and confidence in the U.S.
economy helped investors look past conflicting headlines on the
virus outbreak.
Nvidia Corp NVDA.O jumped 6.5% as it forecast
first-quarter revenue that topped analysts' estimates,
reinforcing expectations of a rebound in chip demand.
Its shares lifted the Philadelphia SE Semiconductor .SOX
index by 0.6%, while the broader technology .SPLRCT rose 0.1%.
At 9:59 a.m. ET, the Dow Jones Industrial Average .DJI
fell 0.08% to 29,398.59.
The S&P 500 .SPX was down 0.01% to 3,373.74, while the
Nasdaq Composite .IXIC rose 0.04% to 9,715.67.
Among other stocks, Expedia Inc EXPE.O jumped 10.3% after
the online travel services company forecast strong quarterly
core earnings amid coronavirus uncertainties. EBay Inc EBAY.O advanced 1.5% as the ecommerce company
added $3 billion to its 2020 share buyback plan and forecast
profit above analysts' expectations for the current quarter.
U.S. financial markets are closed on Monday for President's
Day.
Advancing issues outnumbered decliners by a 1.32-to-1 ratio
on the NYSE and by a 1.09-to-1 ratio on the Nasdaq.
The S&P index recorded 45 new 52-week highs and one new low,
while the Nasdaq recorded 85 new highs and 24 new lows.

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