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US stocks dip following weak forecasts from chip companies

FILE- In this April 24, 2018, file photo replicas of Arturo Di Modica's "Charging Bull" are for sale on a street vendor's table outside the New York S...

FILE- In this April 24, 2018, file photo replicas of Arturo Di Modica's "Charging Bull" are for sale on a street vendor's table outside the New York S...

NEW YORK (AP) — U.S. stocks are mostly lower Friday morning as chipmakers slide, leading losses for technology companies. Energy companies are rising with oil prices. Tesla is falling further on reports of a growing government investigation into the company.

KEEPING SCORE: The S&P 500 index slipped 1 point, or 0.1 percent, to 2,839 at 10 a.m. Eastern time. The Dow Jones Industrial Average rose 1 point to 25,566. The Nasdaq composite fell 24 points, or 0.3 percent, to 7,781. The Russell 2000 index of smaller-company stocks lost 2 points, or 0.2 percent, to 1,683.

The S&P 500 is up 0.1 percent this week after a series of big swings linked to worries about Turkey's currency crisis, China's economic growth, and hopes for trade talks between the U.S. and China.

CHIPS CHOPPED: Chipmakers fell after two companies gave weaker forecasts for the third quarter. Applied Materials slumped 9.2 percent to $43.06 and Nvidia fell 4.1 percent to $246.98. Technology stocks took losses overall.

ENERGY: U.S. crude picked up 1.2 percent to $66.25 a barrel in New York. Brent crude, the standard for international oil prices, climbed 1.2 percent to $72.26 per barrel in London.

Energy companies also moved up. Occidental Petroleum rose 1.1 percent to $78.86 and Marathon Oil added 1.6 percent to $19.64.

THE BIG STORE: Nordstrom jumped 10 percent to $57.50 after raising its annual profit and sales forecasts and posting better earnings and sales than analysts expected. It's been a mostly difficult week for department stores as Macy's and J.C. Penney both plunged after issuing their quarterly reports.

ON THE FARM: Agricultural equipment maker Deere disclosed a smaller profit than analysts expected and said rising costs for raw materials and freight are affecting its business. The stock lost 1.7 percent to $135.04.

BAD NEWS PILEUP: Tesla dropped 5.7 percent to $316.29. the Wall Street Journal reported that the Securities and Exchange Commission started investigating the electric car company last year to determine if it made false statements about production of its Model 3 sedan.

The SEC is also reportedly looking into Elon Musk's comments about possibly taking the company private. Musk also gave an emotional interview to the New York Times about the stress he's experienced as the company tries to ramp up production and said this year has been "excruciating."

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.85 percent from 2.87 percent.

CURRENCIES: The dollar dipped to 110.47 yen from 110.88 yen. The euro rose to $1.1413 from $1.1365.

OVERSEAS: Britain's FTSE 100 fell 0.5 percent and the CAC 40 in France shed 0.4 percent. Germany's DAX lost 0.4 percent.

Japan's Nikkei 225 index added 0.4 percent to close and Hong Kong's Hang Seng gained 0.4 percent. In South Korea, the Kospi gained 0.3 percent.


AP Markets Writer Marley Jay can be reached at His work can be found at

Updated : 2022-05-19 15:51 GMT+08:00