US stocks close lower

Source :IANS
Author :IANS
Last Updated: Sat, Aug 10th, 2019, 19:51:26hrs
US stocks close lower

New York: US stocks ended the day in negative territory with technology and energy sectors leading the laggards.

The Dow Jones Industrial Average was down 90.75 points, or 0.34 per cent, to 26,287.44 on Friday. The S&P 500 was down 19.44 points, or 0.66 per cent, to 2,918.65. The Nasdaq Composite Index was down 80.02 points, or 1 per cent, to 7,959.14, Xinhua reported.

Eight of the 11 primary S&P 500 sectors declined. Technology and energy sectors each shed 1.25 per cent, the top two laggards. Health and real estate sectors increased 0.18 per cent and 0.07 per cent respectively, the top two gainers.

Skyworks Solutions and Micron Technology closed 3.43 per cent and 2.6 per cent lower, respectively.

Investors remained concerned that the US-China trade tensions could escalate and affect an already slowing global economy throughout the week after US President Donald Trump announced that he would place an additional 10 per cent tariff on the remaining USD 300 billion worth of Chinese imports starting on September 1.

Analysts said the US economy would be more directly impacted since the new tariff would target retail items along with other consumer goods. The tariff would also drag on corporate confidence, capital expenditures and global growth in the near term.

On the earnings front, Uber reported quarterly earnings results that missed market expectations.

The ride-hailing platform registered diluted net loss of USD 4.72 per common share on revenue of USD 3.17 billion. Its shares were down 6.8 per cent on Friday.