US STOCKS-S&P 500, Nasdaq tick lower as coronavirus worries weigh

Reuters

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    * Nvidia climbs after upbeat revenue forecast, lifts
chipmakers
Expedia jumps on upbeat core earnings outlook
    * Indexes down: Dow 0.28%, S&P 0.09%, Nasdaq 0.06%

 (Updates to early afternoon)
    By Medha Singh
    Feb 14 (Reuters) - The S&P 500 and the Nasdaq edged lower on
Friday as concerns about an economic hit from the coronavirus
outbreak outweighed a boost from Nvidia shares after the
chipmaker's upbeat outlook.
    Nvidia Corp  NVDA.O  jumped 7.2% after it forecast
first-quarter revenue ahead of analysts' estimates, reinforcing
expectations of a rebound in chip demand and lifting the broader
technology  .SPLRCT  sector by 0.2%.  urn:newsml:reuters.com:*:nL1N2AD26Q
    Meanwhile, the coronavirus epidemic in China showed no signs
of easing, with new cases topping 5,000 on Friday.  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
    "The coronavirus still remains a concern but it appears for
now at least that the assumption is it won't impact the U.S. too
much and that it will be something that can be controlled in
China," said Rick Meckler, partner at Cherry Lane Investments, a
family investment office in New Vernon, New Jersey.
    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 upbeat. 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 13:15 a.m. ET, the Dow Jones Industrial Average  .DJI 
slipped 0.28% to 29,341.05. The S&P 500  .SPX  fell 0.09% to
3,371.06 and the Nasdaq Composite  .IXIC  was down or 0.06% at
9,706.43.
    U.S. financial markets are closed on Monday for President's
Day holiday.
    With the fourth-quarter earnings season starting to wind
down, about 77% of the 387 S&P 500 firms that have reported so
far have topped earnings estimates, according to IBES by
Refinitiv.
    Expedia Inc  EXPE.O  jumped 10.9% after the online travel
services company forecast strong quarterly core earnings amid
coronavirus uncertainties.  urn:newsml:reuters.com:*:nL4N2AD4TU
    Apart from tech, the defensive real estate  .SPLRCR ,
utilities  .SPLRCU  and consumer staples  .SPLRCS  were in the
positive territory among the 11 major S&P sectors. Energy stocks
 .SPNY  dropped 1.2%.
    Declining issues outnumbered advancers for a 1.09-to-1 ratio
on the NYSE and for a 1.42-to-1 ratio on the Nasdaq.
    The S&P index recorded 63 new 52-week highs and four new
lows, while the Nasdaq recorded 118 new highs and 45 new lows.

 (Reporting by Medha Singh 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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