Tech stocks drive Nasdaq higher; Dow, S&P flat

Aug 12, 2018, 16:15
Tech stocks drive Nasdaq higher; Dow, S&P flat

Two other key U.S. indices, the S&P 500 and the Nasdaq, pulled back 0.7 percent.

U.S stocks fell on Friday as a deepening crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.

The Russell 2000 gained 13.43 points, or 0.8 percent.

At 9:48 a.m. EDT the Dow Jones Industrial Average was down 158.88 points, or 0.62 percent, at 25,350.35, the S&P 500 was down 13.35 points, or 0.47 percent, at 2,840.23 and the Nasdaq Composite was down 31.69 points, or 0.40 percent, at 7,860.09.

In small-caps, the Russell 2000 closed at 1,686.75 for a loss of -4.14 points or -0.24%.

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S&P technology sector's 0.42 percent fall was led by chipmakers.

Microchip Technology shares fell 10.9 per cent after a disappointing second-quarter revenue forecast. The S&P technology index fell 0.8 per cent, with Intel down 2.6 per cent after Goldman Sachs downgraded the stock to "sell".

The slide followed a tweet from US President Donald Trump announcing he was doubling US tariffs on Turkish steel and aluminium.

"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey.

The S&P 500 is up 179.97 points, or 6.7 percent.

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Brent crude futures fell 8 cents to $72.20 a barrel and USA crude futures were down 2 cents at $66.92 a barrel.

Crude oil prices failed to make a decisive recovery on Thursday even though the USA sanctions against Iran went into effect on Thursday and the S&P 500 Energy Index closed the day 0.9% lower.

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1.4 percent.

Sinclair dropped 4 percent after Tribune Media ended its $3.9 billion deal to be acquired by Sinclair and filed suit. Tech shares also fell as Facebook, Alphabet and Amazon all declined.

Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE and by a 1.58-to-1 ratio on the Nasdaq.

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