US STOCKS-Nvidia pushes S&P 500, Nasdaq higher amid coronavirus worries

Reuters

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    * Nvidia Corp climbs after upbeat revenue forecast
    * Chipmakers rise after Nvidia results
    * Expedia jumps on upbeat core earnings outlook
    * Dow flat; S&P up 0.14%; Nasdaq rises 0.26%

 (Adds comment, details; updates prices)
    By Medha Singh
    Feb 14 (Reuters) - The S&P 500 and the Nasdaq edged higher
on Friday, supported by Nvidia shares after its upbeat outlook,
but concerns about an economic hit from the coronavirus outbreak
limited gains.
    Nvidia Corp  NVDA.O  jumped 8% as the company forecast
first-quarter revenue ahead of analysts' estimates, reinforcing
expectations of a rebound in chip demand.  urn:newsml:reuters.com:*:nL1N2AD26Q
    Its shares lifted the Philadelphia SE Semiconductor  .SOX 
index by 0.3%, while the broader technology  .SPLRCT  rose 0.5%.
    Meanwhile, the coronavirus epidemic in China showed no signs
of easing, with health authorities reporting on Friday more than
5,000 new cases.  urn:newsml:reuters.com:*:nL4N2AE0RT
    A recent Reuters poll showed the world's second-biggest
economy will grow at its slowest pace since the financial crisis
in the current quarter but the downturn will be short-lived if
the outbreak is contained.  urn:newsml:reuters.com:*:nL4N2AB2IE
    "This seems to be a teflon market, where any negativity -
whether it is coronavirus or anything - for now continues to get
shrugged off," said Michael James, managing director of equity
trading at Wedbush Securities in Los Angeles.
    Economic data continues to be good enough to sustain the
market's uptrend, he added.
    Wall Street was on course for a second straight weekly gain
after hitting a series of record highs on a largely positive
fourth-quarter earnings season and confidence in the U.S.
economy.
    However, data released on Friday was not so rosy. A Commerce
Department retail sales report showed consumer spending likely
slowed further in January, while separate data indicated
industrial production fell more than expected last month.
 urn:newsml:reuters.com:*:nTLAEDEG9A  urn:newsml:reuters.com:*:nL1N2AE0KD
    At 11:44 a.m. ET, the Dow Jones Industrial Average  .DJI 
was down 2.36 points, or 0.01%, at 29,420.95. The S&P 500  .SPX 
was up 4.78 points, or 0.14%, at 3,378.72 and the Nasdaq
Composite  .IXIC  was up 25.48 points, or 0.26%, at 9,737.45.
    The fourth-quarter earnings season is approaching the final
lap. About 71% of the 378 S&P 500 firms that have reported so
far have topped earnings estimates, according to IBES by
Refinitiv.
    Expedia Inc  EXPE.O  jumped 11.3% after the online travel
services company forecast strong quarterly core earnings amid
coronavirus uncertainties.  urn:newsml:reuters.com:*:nL4N2AD4TU
    The energy  .SPNY , healthcare  .SPXHC  and industrial
 .SPLRCI  sectors were the losers among the 11 major S&P
sectors.
    U.S. financial markets are closed on Monday for President's
Day.
    Advancing issues outnumbered decliners by a 1.17-to-1 ratio
on the NYSE. Declining issues outnumbered advancers for a
1.02-to-1 ratio on the Nasdaq.
    The S&P index recorded 59 new 52-week highs and two new low,
while the Nasdaq recorded 110 new highs and 41 new lows.

 (Reporting by Medha Singh and Sruthi Sankar in Bengaluru;
Editing by Anil D'Silva and Subhranshu Sahu)
 ((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780,
outside U.S. +91 80 6749 1130; Twitter: https://twitter.com/medhasinghs))

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