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August 18, 2018 – Weekend Market Comment

August 18, 2018 – The Dow Jones Industrial Average jumped on Friday after a report said President Donald Trump and Chinese leader Xi Jinping hope to discuss U.S.-China trade in November.

The 30-stock index rose 110.59 points to 25,669.32 after The Wall Street Journal said U.S. and Chinese officials are working on a road map for the meeting to take place. The S&P 500 also rose 0.3 percent to 2,850.13, while the NASDAQ Composite erased earlier losses to close 0.1 percent higher at 7,816.33.

Shares of Applied Materials dropped more than 8 percent after the company issued weaker--than-expected guidance for its fiscal fourth quarter. Meanwhile, Nvidia fell 4.4 percent after its revenue forecast disappointed investors. (I guess no one wants to mine crypto right now.) These declines brought down the VanEck Vectors Semiconductor exchange-traded fund (SMH) by 1.8 percent. Other major tech companies also fell, including Facebook, Amazon, Netflix and Alphabet.

Chinese tech giant Tencent reporte…