Breaking News
0

Tech stocks pressure Wall Street; Apple down ahead of event

Stock MarketsSep 12, 2018 01:02PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders work on the floor of the NYSE in New York

By Shreyashi Sanyal

(Reuters) - The Nasdaq fell on Wednesday, weighed down by a drop in Apple (NASDAQ:AAPL) on fears of further regulation, while a rise in energy stocks and a report of fresh U.S.-China trade talks helped keep the S&P afloat and boost Dow Industrials.

Six major web and internet service companies, including Apple, are to detail their consumer data privacy practices to a U.S. Senate panel on Sept. 26, raising the specter of the possibility of stricter regulation.

Apple was down 1 percent, weighing the most on the three major indexes. The stock was trading higher premarket, ahead of an event at 1 p.m. ET (1700 GMT) where the company is expected to launch new iPhone models as well as upgrades of other products.

Twitter, Alphabet (NASDAQ:GOOGL) and Amazon.com (NASDAQ:AMZN), among the six companies to testify, were trading between flat and down 4.2 percent.

Facebook (NASDAQ:FB), not among the companies to testify, was down 2 percent. The S&P technology sector fell 0.64 percent.

"Headlines like the Senate hearing does add this element of regulatory risk to Apple and Amazon which is what could be driving them lower right now," said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management in Horsham, Pennsylvania.

The markets got a boost from a Wall Street Journal report that said Washington has proposed a new round of trade talks with Beijing before the Trump administration implements additional tariffs on Chinese imports.

Also helping was the energy sector, which jumped 0.70 percent as Brent crude price pushed above $80 a barrel due to growing concerns over global oil supply. [O/R]

At 12:41 a.m. ET the Dow Jones Industrial Average was up 91.95 points, or 0.35 percent, at 26,063.01, the S&P 500 was down 0.60 points, or 0.02 percent, at 2,887.29 and the Nasdaq Composite was down 38.20 points, or 0.48 percent, at 7,934.28.

The Philadelphia Semiconductor index was down 1.8 percent after Goldman Sachs (NYSE:GS) became the latest brokerage to warn of lower prices for memory chips due to an oversupply of DRAM and NAND chips.

Micron slid 5 percent, the most on the S&P. Chip equipment makers were hit the hardest, falling in a range of Applied Materials' 2 percent drop and Entegris's 4.4 percent decline.

The consumer staples sector rose 1.20 percent as Altria (NYSE:MO) jumped 7.2 percent and Philip Morris International (NYSE:PM) gained 4 percent.

Traders said that the U.S. Food and Drug Administration's proposed ban on flavored e-cigarettes was less harsh than feared.

Advancing issues outnumbered decliners for a 1.29-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.41-to-1 ratio on the Nasdaq.

The S&P index recorded 29 new 52-week highs and six new lows, while the Nasdaq recorded 61 new highs and 76 new lows.

Tech stocks pressure Wall Street; Apple down ahead of event
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Bi Ba
Bi Ba Sep 12, 2018 1:20PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Cmon guys... Spin it! Stocks in the nasdaq that are out of cash to do a buyback are tanking... It's a matter of days to weeks
Reply
0 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email