Tech, financials weigh on S&P, industrials prop up Dow
FILE PHOTO: Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, NY, U.S., April 30, 2018. REUTERS/Brendan Mcdermid
REUTERS: Wall Street slipped on Friday, weighed down by financials and as Alphabet and Applied Materials led technology stocks lower, although losses were limited as industrial shares gained on signs of progress in Sino-U.S. trade talks.China denied it had offered a package to slash the U.S. trade deficit by up to US$200 billion, hours after it dropped an anti-dumping probe into U.S. sorghum imports in a conciliatory gesture as top negotiators meet in Washington.
A Chinese foreign ministry spokesman said the consultations were "constructive" as the world's two biggest economies are seeking to bridge a divide on trade issues."There is still a concern around trade talks with China, but ... the stock market is cautiously optimistic that trade talks will lead to a good result," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.The industrial sector jumped 0.5 percent, the most among the 11 major S&P sectors, with Boeing's near 2 percent rise giving the biggest lift.Also helping the industrials sector was Deere , which jumped 5.5 percent after the company raised its full-year earnings estimate.
Alphabet tumbled 0.8 percent, weighing the most on the Nasdaq. Google is set to be featured on CBS News' "60 minutes" this weekend.Applied Materials dropped 8.4 percent after the chip gear maker's disappointing forecast renewed concerns over slowing smartphone demand.The warning dragged down Philadelphia chipmaker index by 0.9 percent. Intel's 1.8 percent fall weighed on the market's three major indexes.The financial index was off 0.44 percent.
At 11:21 a.m. EDT the Dow Jones Industrial Average was up 42.81 points, or 0.17 percent, at 24,756.79, kept afloat by Boeing and other industrial stocks.The S&P 500 was down 1.80 points, or 0.07 percent, at 2,718.33 and the Nasdaq Composite was down 5.96 points, or 0.08 percent, at 7,376.51.Campbell Soup fell 11.1 percent after the company cut its full-year profit forecast and said its chief executive officer decided to step down. Shares of a host of other food companies also declined.Nordstrom declined 8.9 percent after the upscale department store operator reported same-store sales that missed analysts' expectations.Advancing issues outnumbered decliners by a 1.03-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the Nasdaq.The S&P index recorded 3 new 52-week highs and 4 new lows, while the Nasdaq recorded 119 new highs and 20 new lows.(Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva)
Source : http://www.channelnewsasia.com/news/business/tech--financials-weigh-on-s-p--industrials-prop-up-dow-10248034