Stocks Opened Lower as Chip Makers Weighed on Tech

U.S. stocks opened lower on Friday, as chip makers fell following disappointing earnings reports from Nvidia Corp and other chip makers. The Dow Jones Industrial Average lately gained 14.92 points, or 0.06%, to 25,304.19. The S&P 500 was down 1.50 points, or 0.05%, to 2,728.70. The Nasdaq Composite dropped 24.02 points, or 0.33%, to 7,235.01.

Both U.S. and global crude benchmarks extended their late-week recovery Friday. December West Texas Intermediate crude rose $1, or 1.8%, at $57.46 a barrel.January Brent added $1.14, or 1.7%, to $67.74 a barrel.

Nvidia Corp.’s earnings and outlook fell short of Wall Street estimates. For the third quarter, the company reported net income of $1.23 billion, or $1.97 a share, compared with $838 million, or $1.33 a share, in the year-ago period. It called for revenue of $2.65 billion to $2.75 billion for the fourth quarter, while analysts on average had expected revenue of $3.4 billion.

U.S. manufacturing output increased for a fifth straight month in October. The Federal Reserve said on Friday manufacturing production rose 0.3 percent last month.Data for September was revised up to show output at factories increasing 0.3 percent instead of advancing 0.2 percent as previously reported.

General Electric Co’s finance arm GE Capital said it is selling its healthcare equipment finance business worth $1.5 billion to U.S. regional lender TIAA Bank.