Name: Dow, S&P 500 dragged lower by Intel, IBM
Uploaded: 2021-01-23T21:06:03.000Z
Duration: 2 min 5 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

A duo of tech snags sank the Dow and the S and P 500 Friday, but the NASDAQ hit a record closing high.

The Dow fell 179 points, the S and P 500 shed 11, But the NASDAQ eked out a 12 point rally, capping the strongest week for the index in more than two months.

But that game for the NASDAQ masked big drops for two struggling Tech names.

IBM was a big loser after it missed sales estimates and posted the fourth consecutive drop in quarterly sales.

The chip giant's incoming CEO seemed to back away from the company's previous discussion to start outsourcing the production of some of its chips.

The uncertainty overshadowed better than expected quarterly results.

Intel tumbled 9% for someone Wall Street, the heavy selling seen in those two tech names added to believe that this market is due for a pullback.

Peter Cardillo, chief market economist at Spartan Capital Securities, is in that camp.

It's just a matter of time before we see a pullback of maybe 8%.

Um, in fact, the macro news has been improving.

Uh, the earnings got off to a good, uh, season.

And of course, we'll be seeing hearing more about earnings next week.

There are over 700 companies reporting some key names to report.

Results in the coming week include tech bellwethers Apple, Facebook and Microsoft.

Economic releases on Friday were mostly upbeat.

S factory activity surged in January to its highest level in nearly 14 years, according to a private survey, and home resales ended last year with a bang.

 Full year sales grew 22% from the year before, fueled by record low mortgage rates and an exodus from urban centers. 

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Dow, S&P 500 dragged lower by Intel, IBM

struggle

stretch

matter

improve