Tech companies lead broad slide in United States stocks; oil rises
13 Августа 2017, 02:45 | Hattie Nash
By Sruthi Shankar and Tanya Agrawal
USA stocks rose Friday but were still on track for their biggest weekly loss in months, shaken by disappointing earnings results and an escalation of threats between the US and North Korea.
USA stocks closed lower for the third day in a row Thursday, led by declines in technology companies and banks, two of the highest-performing sectors over the past year.
Disney dropped 4.5 percent after reporting a weak quarter and saying it would pull its movies from Netflix and start two of its own video streaming services.
The Standard & Poor's 500 index lost 35.81 points, or 1.4 percent, to 2,438.21. The Nasdaq composite fell 45 points, or 0.7 percent, to 6,324. On the Nasdaq, 1,685 issues fell and 615 advanced favoring decliners. Biotech companies Celgene and Amgen lost 3.8 percent and 2.6 percent, respectively.
Tokyo's blue-chip index tumbled 1.3 percent to its lowest close since late May after the Dow's winning streak of nine straight records ended following Trump's sharp rhetoric of "fire and fury", with the main European bourses also opening lower Wednesday. The company booked a hefty charge and said its CFO is leaving. The major index futures are now pointing to a modestly higher open for the markets, with the Dow futures up by 21 points.
The Dow industrials rose 42 points, or 0.2%, to 21885 on Friday.
TECH SLIDE: Losses among technology stocks led the market slide. Earlier in Asia, Japan's benchmark Nikkei 225 slipped less than 0.1 percent, while Hong Kong's Hang Seng slid 1.1 percent.
The Nasdaq is up 833.75 points, or 15.5 percent. South Korea's Kospi declined 1.7% Friday, putting its weekly drop at 3.2% - its largest since June 2016.
BONDS: Bond prices rose. Macy's sank 10.3 percent and Kohl's lost 5.8 percent.
In other energy futures trading, wholesale gasoline was little changed at $1.62 a gallon, heating oil rose 2 cents, to $1.65 a gallon, and natural gas rose 6 cents, to $2.88 per 1,000 cubic feet.
OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent crude, used to price global oils, declined 20 cents to $51.70 per barrel in London. Brent crude, used to price worldwide oils, gained 56 cents, to $52.70, in London.
CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen late Tuesday. Against the euro, the dollar is valued at $1.826 compared to yesterday's $1.1772.
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