High-flying tech companies Netflix and Tesla Motors stumbled Wednesday, pulling the Nasdaq 0.6 percent lower in a muted day for US equities.
The tech-rich Nasdaq dropped 26.73 points (0.57 percent) to 4,675.71.
The Dow Jones Industrial Average slipped 2.09 (0.01 percent) to 17,685.73, while the broad-based S&P 500 lost 3.08 (0.15 percent) at 2,048.72.
Tesla shares fell 3.9 percent after Morgan Stanley trimmed its profit forecast for the electric-car manufacturer, while Netflix dropped 4.7 percent after it pulled the plug on a Bill Cosby program due to allegations of rape and sexual abuse against the comedian.
Analysts said hot Nasdaq stocks were also affected by profit-taking after big gains in recent weeks.
Retail stocks supported the market on buoyant earnings reports.
Department store chain Target gained 7.4 percent after it reported third-quarter earnings per share of 54 cents, well above analyst forecasts for 47 cents.
Lowe's, a home-improvement chain, gained 6.4 percent on a 17.3 percent jump in third-quarter net income to $585 million. The company forecast 2014 sales gains of 4.5-5.0 percent.
Office supplies giant Staples jumped 9.1 percent as third-quarter earnings of 37 cents per share bested analyst expectations by a penny.
Family Dollar dipped 0.5 percent as it delayed its shareholder vote on a merger with rival discount retailer Dollar Tree until December 23 as it seeks approval from US antitrust regulators. Dollar Tree gained 1.0 percent.
Dollar General, which has offered to buy Family Dollar in a competing deal, said it was making "good progress" with US antitrust officials on its proposed transaction. It fell 0.1 percent.
Bond prices fell. The yield on the 10-year US Treasury rose to 2.35 percent from 2.32 percent Tuesday, while the 30-year advanced to 3.07 percent from 3.04 percent. Bond prices and yields move inversely.
GMT 11:02 2018 Tuesday ,11 December
ASE opens trading on lower noteGMT 15:40 2018 Monday ,10 December
Amman stock market closes trading at JD4.4 millionGMT 19:10 2018 Wednesday ,05 December
Index at Palestine stock market drops by less than one pointGMT 17:58 2018 Sunday ,25 November
Amman stock market wraps up trading at JD2.6 millionGMT 14:24 2018 Thursday ,22 November
Russia’s stock market demonstrates record-breaking figures in 2018GMT 11:45 2018 Tuesday ,20 November
Tokyo stocks close lower as tech issues weigh, Nissan tumblesGMT 15:08 2018 Monday ,19 November
Amman stock market wraps up trading at JD6.1 millionGMT 15:51 2018 Sunday ,18 November
U.S. stocks post weekly losses amid tech shares routMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor