US stocks end lower on tech sector weakness – Business Standard

US stocks suffered losses, pressured by the weakness in tech sector.

The decreased 17.16 points, or 0.07 per cent, to 26,089.61 on Friday. The S&P 500 erased 4.66 points, or 0.16 per cent, to 2,886.98. The fell 40.47 points, or 0.52 per cent, to 7,796.66, reported.

The dipped 0.83 percent, the worst performer among the 11 primary S&P 500 groups. Utilities, however, rose 0.99 per cent, outpacing the rest.

Tech sector was largely dragged down by chip stocks. Shares of closed down 5.57 per cent after the U.S. chipmaker reported weak quarterly results.

Other chip stocks including Lam Research, and Micron Technology, also struggled.

Vectors ETF (SMH), which tracks the overall performances of in the industry, closed 2.67 per cent lower.

On the economic front, reported its consumer-sentiment index fell to 97.9 in June from 100 in May. The reading missed the analysts’ expectations of 99 polled by MarketWatch.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


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