It was a ho-hum session for the stock market Friday, but a solid week for the Nasdaq composite, helped by strength in semiconductor stocks.
The Nasdaq composite edged 0.1% higher, while the Dow Jones industrial average and S&P 500 lost less than 0.1%. Small caps lagged a bit, with the Russell 2000 down 0.4%. The small-cap index is getting support at its 10-week moving average, but it's still below the 1,400 level, a breakout area to watch.
Preliminary data showed volume on the NYSE and Nasdaq coming in slightly lower than Thursday's levels in the stock market today.
In economic news, the economy grew at a rate of 1.9% in the fourth quarter, below the consensus estimate for 2.2%. For the year, GDP rose 1.6%, down from 2.2% in 2015.
Dow component Apple (AAPL) held up well despite a report from Counterpoint Research that said the iPhone maker no longer has the top-selling smartphone in China. Shares eased 0.2% to 121.72. Earnings from Apple are due Tuesday after the close.
Besides Apple, two other Nasdaq 100 bellwethers are set to report earnings next week. Facebook (FB) reports Wednesday after the close. Results from Amazon.com (AMZN) are due Thursday after the close.
Chevron (CVX) lagged in the Dow after reporting disappointing Q4 results. The stock gapped below the 50-day moving average, falling 2.4%.
Chip names outperformed in the IBD 50, including Applied Materials (AMAT), up nearly 3%. Nvidia (NVDA), Microchip Technology (MCHP) and Monolithic Power Systems (MPWR) all added more than 1%.
Positive sentiment in the sector was fueled by strong earnings from Dow component Intel (INTC) and KLA-Tencor (KLAC). Both names are still in buy range from recent buy points.
Wynn Resorts (WYNN) is starting to have the look of a turnaround story. The stock gapped up and rose 8%. It's vying for a breakout over a 105 buy point. After several quarters in a row of sales declines, mostly due to weakness in China, sales growth accelerated for the second straight quarter, rising 37% to $1.3 billion.
In the retail sector, Starbucks (SBUX) gapped down 4% in fast trade. The stock lost its 50-day line but was finding support at the 200-day line. Starbucks reported quarterly results Thursday. Results missed expectations on revenue and same-store sales. The company cut its revenue outlook for the year.
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