Despite an early rally, tech stocks remained in the summer doldrums on Friday, as they fell for the sixth consecutive day.
Investors ignored strong earnings from Emulex, and instead focused on NVIDIA’sdeclining fortunes, sending the stock plunging 20%.
Techs will have another chance to get up off the mat next week, when tech heavyweights Applied Materialsand Dellreport earnings.
The broader market posted a third straight day of gains on strong retail sales, led by McDonald’s.
The Nasdaq lost 8 to 1644, the S&P 500 climbed 3 to 977, and the Dow rose 64 to 9191. Volume declined to 1.08 billion shares on the NYSE, and 1.34 billion on the Nasdaq. Advancers led 20-11 on the NYSE, while decliners led 15-14 on the Nasdaq. Upside volume was 64% on the NYSE, and 40% on the Nasdaq. New highs-new lows were 70-22 on the NYSE, and 79-8 on the Nasdaq.
Microsoftedged lower on concern about Xbox sales raised by NVIDIA’s warning.
Inteland Broadcomboth declined as they settled their long-running patent dispute.
Palmand Handspring’smerger moved closer to approval.
And next-generation interactive TV may be the Next Big Thing.
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