Stocks switched to defensive mode as investors turned more nervous about economic uncertainty. That trend will continue in the week ahead, which includes housing data, the Fed minutes and earnings from major retailers. Tech stocks declined Friday weighed by Nvidia and Yahoo. Nvidia was downgraded at Needham to “hold”, citing slowing growth in its core graphic chip business. Yahoo traded down 3.6% amid mounting worries about its investment in China-based Alibaba Group.
Monday, May 16, 2011
Switched to defensive mode
Stocks switched to defensive mode as investors turned more nervous about economic uncertainty. That trend will continue in the week ahead, which includes housing data, the Fed minutes and earnings from major retailers. Tech stocks declined Friday weighed by Nvidia and Yahoo. Nvidia was downgraded at Needham to “hold”, citing slowing growth in its core graphic chip business. Yahoo traded down 3.6% amid mounting worries about its investment in China-based Alibaba Group.
