The Nasdaq composite tumbled for the second straight session Thursday, falling 1.4%, with semiconductor and software names leading the downside.
Nine of the Nasdaq 100's 10-worst percentage decliners hailed from the chip sector, with losses ranging from 4% to 7%. Microchip (MCHP) and Lam Research (LRCX) took the biggest hits, falling around 8% each.
The S&P 500 eased 0.4%, while the Dow Jones industrial average added 0.4%, helped by strength in Goldman Sachs (GS). Apple (AAPL) lagged in the Dow after Taiwan tech news site DigiTimes reported that Apple is cutting back on production of iPhone 7 handsets.
Preliminary data showed volume on the NYSE and Nasdaq coming in higher than Wednesday, more so on the Nasdaq.
At the New York Mercantile Exchange, January-delivery West Texas intermediate crude oil futures settled at $51.06 a barrel, up $1.62, or 3.3%. Meanwhile, the 10-year Treasury yield rose 6 basis points to 2.44% ahead of Friday's jobs report. Economists expected nonfarm payrolls to rise by 170,000, although the estimate range is pretty wide, from 150,000 to 230,000.
Oil and gas producer Parsley Energy (PE) reversed lower after a strong start. Shares fell 0.7%. It closed just above a 37.30 buy point after a powerful move higher Wednesday, although Thursday's reversal wasn't good to see so soon after a breakout.
In the stock market today, Semtech (SMTC) bucked weakness in the chip sector after reporting a solid earnings late Wednesday, but a 13% intraday gain faded to 4% by the close. It was featured in the latest Earnings Preview column as an options play.
The IBD 50 had a rough go of it as 17 names in the index fell 2% or more. But a slew of financial components in the IBD 50 rose 2% or more, including Bank of the Ozarks (OZRK), which topped a 49.07 buy point, and East West Bancorp (EWBC).
Ulta Beauty (ULTA) rose more than 4% after the close following its earnings report. The company earned $1.40 a share, up 26%. Sales rose 24% to $1.1 million as same-store sales climbed 16.7%. Earnings at the fast-growing retailer were expected to rise 23% to $1.37 a share.
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