MARKETS: Tech drags the Nasdaq into its worst weekly loss since March — YF Premium is bullish on Nvidia (NVDA)

Yahoo Finance's Jared Blikre joins Jen Rogers to break down the day's price action in stocks as well as a long in Nvidia (NVDA), a Yahoo Finance Premium Investment Idea. Not a subscriber? Start your free trial to join our next webinar on Wednesday, September 2nd at 2:00pm ET live!

Video Transcript

JEN ROGERS: Welcome back to "The Final Round" on this Friday. Right now, the Dow is back in the green, getting back to where it was earlier today. It had been up some 300 points. Right now, up about 178. S&P also higher. NASDAQ is lower here. And it is definitely mixed when you take a look at the sectors, which I'm sure Jared Blikre is probably doing among many other items on his list. Let's go to Jared Blikre right now for what you're watching, Jared.

JARED BLIKRE: No love for tech today. We saw another intraday reversal early on, where we got some sector leadership changes. And industrials, materials, and financials-- those are the strongest stocks of the day. Let's take a look at the four-day price action for this holiday shortened week, beginning Tuesday and the Dow, and you can see we are off the lows. Those are the same lows as Thursday and Tuesday, so that's a third test, but still in the lower portion of the week's range here.

For the NASDAQ, even farther, closer towards the bottom of the range. And you can see we made a new low today. Also, we exceeded, to the downside, the 50-day moving average, which is something that we've been keeping a close eye on. It looks like we might close at or above it. If we close materially below it, might see some additional selling into next week.

And here's the S&P 500. We came down and touched the 50-day moving average. Still above it right now, so we're going to keep an eye on those critical thresholds.

I want to take some time to present our Yahoo Finance Premium Investment Idea of the Day, and that is a long in Nvidia. And this comes by way of Argus Research. And they are saying that Nvidia has a bullish trend, and they are looking at the launch of its Ampere generation gaming cards, which boost performance and power efficiency up to two times the prior generation.

They're saying the company is uniquely positioned to advance GPU compute technology across multiple growth opportunities, including AI, data center, and machine learning, professional visualization, gaming, and autonomous driving. We believe-- that's Argus-- that Nvidia's is in the early innings of a major market expansion and we recommend establishing or adding to positions in a preeminent vehicle for participation in the AI economy.

And they have a price target now of $600, and that would be right about here, so close to those highs that we saw just a few sessions ago. Jen?

JEN ROGERS: Jared Blikre, great to get a chance to talk with you.