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Nvidia tumbles and the hunt for yield is underway — plus, a new stock on Jim Cramer's radar

·1 min

Markets Slide as Tech Takes a Breather

On Friday, stocks initially saw a boost after the goldilocks-ish February jobs report. However, the semiconductor group cooled off, causing technology and related stocks to give up gains. Club holding Broadcom fell over 6% following its fiscal first-quarter earnings report. Despite this pullback, the results were strong. Nvidia also faced a drop in shares on Friday, but is still on track for weekly gains. The Nasdaq and S&P 500 may face a rough patch in the next week or two, according to technical analysis. In search of yield, sectors such as real estate, utilities, financials, energy, and healthcare performed well. Wells Fargo, with a 2.50% yield, reached a new 52-week closing high. Eli Lilly shares remained under pressure due to a setback in its Alzheimer’s treatment with the FDA. Gap may be worth considering, as the turn is just starting for Old Navy and Gap, and has yet to begin for Athleta and Banana Republic.