Wall Street closes lower on tech sell-off
|Following yesterday's mixed reaction to the FOMC statement, the major equity indexes recorded losses on Thursday as technology, and consumer discretionary stocks fell further with the S&P technology sector losing 0.5% on the day.
Following separate bearish analysts reports, two tech giants, Google and Apple, dropped nearly 1%, according to Reuters. Nike was down 3.3% after the company announced that it would cancel a quarter of its shoe models and cut its global workforce by 2%.
Today's relatively solid data from the United States failed to help the indexes make a decisive recovery. Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina, told Reuters that the economic data had just not been good enough to get investors excited about buying into other areas of the market. Nevertheless, following the higher-than-expected NAHB Housing Market Index, real estate, and utilities sectors gained 0.6% and 0.5% respectively.
The Dow Jones Industrial Average lost 14.66 points, or 0.08%, to 21,359.90, the S&P 500 dropped 3 points, or 0.12%, to 2,432.25 and the Nasdaq Composite fell 34.08 points, or 0.55%, to 6,160.82.
Headlines from the U.S. session:
- Fed: how it plans to reduce its massive $4.5 trillion balance sheet - UOB
- WTI intermarket: DXY recovering, was Fed's dot plot on point?
- We fear the Fed is making a mistake - Danske Bank
- US: Manufacturing weakness likely to be short-lived - Wells Fargo
- U.S. Justice Dept.: Can't comment on role of financial institutions in Malaysian corruption probe
- More thoughts about the Fed and dollar - BBH
- US: Builder confidence remains solid in June - NAHB
- US: Industrial production was unchanged in May following a large increase in April
- NY Fed: Business activity rebounded strongly
- US: Import prices fall 0.3% in May, led by lower fuel prices; export prices decline 0.7%
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