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Tech stocks extend recent gains, S&P 500 nears record high

13 August, 2018, 07:49 | Author: Melinda Barton
  • Dow Jones Industrial Average fall on weak energy stocks

The Dow Jones Industrial Average closed at 25,313.14 on Friday with a loss of -196.09 points or -0.77%.

Lagging shares were Nuvista Energy Ltd., down 10.7 per cent, Uni-Select Inc, down 6.6 per cent, and Bausch Health Companies Inc., lower by 5.3 per cent.

The S&P 500 was up slightly on Thursday afternoon and again close to a record high on the back of gains in Apple, Amazon and Microsoft.

"There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now", said Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois. The S&P technology index .SPLRCT fell 1 percent, with Intel down 2.8 percent after Goldman Sachs downgraded the stock to "sell". Nasdaq Composite futures have dropped 0.6%.

The Dow Jones Industrial Average index slid 245 points, or nearly two percent, during early trading hours on Wall Street.

The producer's price index remained unchanged in July, while economists polled by Reuters expected a gain of 0.2 percent.

Microchip Technology shares fell 11.6 percent after disappointing second-quarter revenue forecast.


Citigroup, the most global of the major US banks, fell 2.3 percent.

Shares in trade-sensitive companies fell.

Entering Thursday's session, the S&P 500 was just half a percent away from reaching 2872.87, a record high set on January 26.

US stocks closed mixed on Thursday as investors digested a batch of key economic data and corporate earnings reports. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric vehicle maker private, according to data from financial technology and analytics firm S3 Partners.

The S&P 500 posted 26 new 52-week highs and three new lows; the Nasdaq Composite recorded 97 new highs and 68 new lows. Meanwhile, newly announced USA sanctions against Russian Federation added to the turmoil.

The Nasdaq added 27.09 points, or 0.3 per cent.

"The Dow's positive momentum keeps fading according to technical readings in the daily chart, but by no means indicates an upcoming bearish continuation, as the index holds well above all of its moving averages, and with the 20 DMA maintaining its bullish stance".

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