Chip stocks pump brakes to rebound as broader market keeps bleeding out

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Chip stocks broke ranks with the rest of the tech sector on Friday, bouncing back amid a week long bloodbath for the broader market fueled by fear of the COVID-19 coronavirus.

Nvidia Corp. NVDA, +1.86% led gainers in the subsector Friday with a 4.2% advance, as the PHLX Semiconductor Index SOX, -0.57%  rose 1.1%. In comparison, the S&P 500 index SPX, -3.03%  was down 1.6% Friday, for a 12% drop on the week, and the tech-heavy Nasdaq Composite Index COMP, -2.37%  was down 0.7%, for a 11% weekly drop.

Nvidia shares were down 10% for the week, but up 12% for the month, to rank as the only chip stock on the S&P 500 with a February gain. The SOX index was down nearly 11% for the week and down 5.5% for February.

Read: Nvidia stock rockets past $300 to third straight record close as holdout analyst turns bullish

The only tech stock on the S&P 500 to show a gain on the week also held the distinction of being a chip stock. Qorvo Inc. QRVO, +3.09%  shares rose 4.4% Friday for a 0.8% weekly gain. But shares fell 6.6% in February.

On the whole, chip stocks fared best on Friday with as 13 out of the 16 chip stocks on the S&P 500 traded in positive territory Friday, beating out every other tech subsector on the index.

Of the 14 stocks in the software subsector, five traded higher on Friday with Autodesk Inc. ADSK, +1.43%  up 2.3% and Microsoft Corp. MSFT, -0.62%  up 2%. Oracle Corp. ORCL, -4.83%  led decliners down 3%. The iShares Expanded Tech-Software Sector ETF IGV, -1.96%  crept up 0.1% Friday, but is down 9.5% for the week and 6% for the month.

Three out of the eight stocks in the electronic equipment instruments and components subsector traded higher with IPG Photonics Corp. IPGP, +2.90%  leading gainers up 3.4%, and FLIR Systems Inc. FLIR, -5.55%  weighing on decliners down 5.7%

Seven out of the 21 IT services stocks on the S&P 500 traded higher Friday with FleetCor Technologies Inc. FLT, -1.76%  up 0.9%. Both Accenture PLC ACN, -5.10%  and International Business Machines Corp. IBM, -4.21%  weighed on the subsector with 3% losses.

Arista Networks Inc. ANET, -2.34%  was the only gainer in the communications equipment five-stock subsector with a 0.5% gain, while Motorola Solutions Inc. MSI, -4.09%  shares fell 2.3%

Of the seven technology hardware storage and peripherals stocks on the S&P 500, only Apple Inc. AAPL, -2.95%  and Western Digital Corp. WDC, -2.66%  rose, both with a 0.3% gain, while HP Inc. HPQ, -6.31%  and Xerox Holdings Corp. XRX, -6.28%  both declined 4%.

Outside of the S&P 500, the clear winner in tech from COVID-19 fears has been videoconferencing stock Zoom Video Communications Inc. ZM, -10.04%  While shares declined 8% on Friday, the stock is up 2.5% for the week and 37% for the month.

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