Stocks Turn Higher: Nvidia, Shake Shack Rally; Nordstrom Dives – Investor’s Business Daily

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Stocks crept higher in late morning trade Friday as IBD 50 chipmaker Nvidia (NVDA) skyrocketed and JCPenney (JCP) rebounded, though Nordstrom (JWN) continued retailers’ bad run.

The Nasdaq led with a 0.4% gain, the S&P 500 was up 0.1% while the Dow Jones industrial average edged up fractionally. Volume was tracking slightly lower across the board vs. the same time Thursday.

Oil was lower, with West Texas Intermediate crude sliding more than 1% to $46.20 a barrel.

In economic news, retail sales rose 1.3% in April vs. a 0.3% dip in March, beating forecasts for a 0.9% increase. Sales ex autos were up 0.8%, in line with projections. Producer prices climbed 0.2% in April, just shy of views for 0.3%, while core PPI (minus food and energy) was up 0.1%, in line with estimates.

Among retailers, Dillard’s (DDS) and JCPenney tumbled early but rallied to turn up 2.3% and 1.6%, respectively, despite weak quarterly results. Nordstrom was off intraday lows on its dismal Q1 figures and full-year guidance, but was still down 11%.

Shake Shack (SHAK) spiked early, though gains faded to 3.8%. Shake Shack, a upscale the burger and shake chain, reported a solid Q1 beat late Thursday.

On the IBD 50, Nvidia (NVDA) gapped up and surged 13% in rapid trade to a new high. Shares are extended more than 20% from a 33.16 handle buy point, in profit-taking range. Roth Capital raised the stock to buy from neutral, and Topeka Capital Markets upped it to buy from hold. The graphics processing unit designer late Thursday reported Q1 results that topped views.