Dow snaps losing streak as dip buying in big tech returns; European markets close lower to start September; stoxx 600 down 1.8%
The Dow snapped a four-day losing Thursday, as dip-buying in big tech helped the broader market fight back losses following a wobble in chip stocks ahead of the monthly jobs report due Friday. The Dow Jones Industrial Average gained 0.5% or 145 points, the Nasdaq was down 0.3%, and the S&P 500 closed up 0.4%.
hip stocks also pared some losses, though ended the day in red after Advanced Micro Devices (NASDAQ:AMD) and Nvidia fell following new U.S. government restrictions on the sale of artificial intelligence chips to China. NVIDIA (NASDAQ:NVDA) said about $400 million of sales in China could be affected by the rule, sending its shares more than 7% lower. Advanced Micro Devices fell 3%.
Shares of active retailer Lululemon surged more than 9% in after hours trading Thursday following the company reporting quarterly earnings that beat Wall Street estimates on the top and bottom lines.
The company reported adjusted earnings per share of $2.20 versus expectations of $1.87, according to Refinitiv. It also brought in $1.87 billion in revenue versus an anticipated $1.77 billion.
The pan-European Stoxx 600 closed 1.8% lower Thursday, with all sectors ending the day in the red. Travel and leisure stocks led losses, falling 3.9%, followed by basic resources, down 3.8%.
Reckitt Benckiser shares fell 4% after the Anglo-Dutch consumer goods company announced that CEO Laxman Narasimhan will step down at the end of the month after a three year tenure at the helm.
Source: CNBC, Investing.com