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Stocks Slide At Open; This Dow Jones Name Bucks Chip Sell Off

Stocks sliced lower at Friday's open, but quickly trimmed declines as energy and utility stocks fought to counter heavy losses among retail names, and Dow Jones stock Intel (INTC) snubbed an early chip stock sell off.

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Chip stocks traded under clear early pressure. Earnings from Nvidia (NVDA) and Applied Materials (AMAT) triggered heavy losses across the sector. Drugmaker AstraZeneca (AZN) fell hard on clinical trial results. Media giant Viacom (VIAB) inched toward a buy point after its fiscal Q4 earnings report.

Retail also saw heavy selling as Nordstrom (JWN) and Williams-Sonoma (WSM) fell hard on earnings news. Shoe Carnival (SCVL) snubbed the trend, spiking on third-quarter results. California utility stocks Pacific Gas & Electric (PCG) and Edison International (EIX) chalked up steep rebounds in premarket action.

Nividia stock and Applied Materials stock were the top losers as the Nasdaq Composite narrowed its opening loss to 0.7%. The FANG stock tech giants traded sharply lower: Facebook (FB) dived 3% and Amazon.com (AMZN) slid 2.2%.

The Dow Jones industrial average opened to a 0.4% loss, then eased to a 0.1% decline. Nike (NKE) and Walmart (WMT) led the early declines. Chevron (CVX) posted the index's strongest move, up 1.4%. Intel gained 1%. The S&P 500 dropped 0.2%, buoyed by gains from PG&E and Edison, while Nordstrom and Nvidia led heavy selling among S&P 500 names.

The Dow Jones industrial average jumps into the stock market today down 2.7% so far for the week and 4.8% above its Oct. 29 low, after finding support Thursday at its 200-day moving average. The Nasdaq and S&P 500 are still groping for some level of support, with the Nasdaq down 2% and the S&P 500 showing a 1.8% loss through Thursday. The Nasdaq and the S&P 500 each ended Thursday 4.9% above the Oct. 29 low point in the market's pullback.

Nike, Walmart Stocks Spearhead Dow Declines; Intel Bucks Sell Off

Among Dow Jones industrial average stocks, Nike shed 1.4% and Walmart traded down 1.5%.

Also on the Dow, chip heavyweight Intel bucked the early chip sell-off, turning a fractional decline into a 1% gain. The company late Thursday boosted its share buyback initiative to $15 billion. The company had $4.7 billion remaining under its existing share repurchase program. A four-week advance left Intel stock up almost 14% from an Oct. 24 low at Thursday's close, as shares attempt to climb the right side of a five-month consolidation.

Earnings news triggered a broad range of dramatic moves at Friday's open. Chip leader Nvidia collapsed 19%. Chip equipment maker Applied Materials tumbled 5.4%. Among retailers, Nordstrom and Williams Sonoma each tanked more than 12%.

Retail chain Shoe Carnival avoided the downdraft, jumping almost 3% after earning jumped more and revenue fell less than forecasts by analysts. The stock is basing, but ended Thursday 21% a potential buy point at 45.10.

Viacom flattened after opening in see-saw trade. It reported a 29% earnings gain for its fiscal fourth quarter — its best growth in at least a half decade. Revenue rose 5%, the first increase in four quarters. Viacom stock is below a 34.54 buy point in a 10-month saucer-with-handle base.

PG&E Gets A Reprieve, AstraZeneca Slides

Pacific Gas & Electric rebounded 37%, after California's Public Utilities Commission president effectively said the company was too big to fail. "It's not good policy to have utilities unable to finance the services and infrastructure the state of California needs," PUC President Michael Picker told Bloomberg. The stock saw 64% of its value dissolve since Nov. 7, on fears that power lines were responsible for the deadly wildfire in northern California. Utility peer Edison International bounced 15% in Friday's opening trade.

U.K.-based AstraZeneca traded 2.9% lower after reporting a combination of its combined Imfinzi and tremelimumab treatments for lung cancer did not meet expectations in a phase 3 clinical trial. The stock has staged a succession of tight breakouts across 2018, ending Thursday up 19% for the year, at new highs and in a buy range above a 40.26 buy point in a flat base.

Oil Prices Rebounding, Gas Prices Surge

Crude oil prices popped early Friday, with West Texas Intermediate up 1.9% to $57.55 a barrel. Despite a two-day rebound, oil prices remain down 4.2% for the week and poised for a sixth-straight weekly decline. BakerHughes (BHGE) reports it weekly rig count report at 1 p.m. ET.

Natural gas prices reversed early losses and surged 4.6% to $4.22 per million British thermal units. For the week, gas prices are trading about 12% higher — after spiking to a 33% gain Wednesday. An early spate of cold winter weather raised concerns over tight gas inventories.

Europe Stumbles As May Resists, Shanghai Retakes Support

Europe's markets remained negative action in afternoon trade. Britain's pound posted its largest loss in two years on Thursday, as resignations rocked the administration of Prime Minister Theresa May. May stood firm, despite calls for her resignation, and attempted to drive through her proposed Brexit deal.

London's FTSE 100 fell 0.6%. The CAC-40 in Paris and  Frankfurt's DAX each slipped 0.5%.

China stock markets ended the week on a positive note as Hong Kong's Hang Seng gained 0.3% and the Shanghai Composite added 0.4%. That left the Shanghai index up 3.1% for the week and just above its 50-day line. The index has made two prior runs at regaining 50-day support since August. The Hang Seng climbed 2.3% for the week, closing just below its 50-day average.

In Japan, Tokyo's Nikkei 225 dipped 0.6% Friday, with a 2.6% loss for the week ending a two-week rebound attempt.

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