Solid earnings news from the chip sector did little to halt the stock market slide on Friday.
lost 3.4% despite raising earnings and sales guidance above Wall Street estimates, as investors fretted about a possible slowdown in cell phone chip sales in the second half of the year.
fared better, gaining 2.4% after beating estimates but lowering sales guidance. Xilinx
, meanwhile, lost 2.5% after reaffirming sales guidance but shaving margin guidance.
Following better than expected guidance from Novellus
late Wednesday, the chip sector
appears to be in solid shape, but it didn’t keep the sector from following the broader market lower once again.
Stocks ended lower Friday, as an early rally gave way to selling once again. The major indexes ended the worst week of the year 3% lower. Investors will be closely watching wholesale and consumer inflation reports next Tuesday and Wednesday for signs of inflation.
The Nasdaq lost 10 to 2135, the S&P 500 fell 5 to 1252, and the Dow lost 47 to 10,892. Volume fell to 2.27 billion shares on the NYSE, and 1.81 billion on the Nasdaq. Decliners led 17-14 on the NYSE, and 17-12 on the Nasdaq. Downside volume was 62% on the NYSE, and 66% on the Nasdaq. New highs-new lows were 32-62 on the NYSE, and 62-71 on the Nasdaq.
tumbled on their earnings reports.