Tech Stocks Weigh on S&P 500
28 7월 2017 - 2:50AM
Dow Jones News
By Akane Otani and Georgi Kantchev
Declines in technology stocks pulled the S&P 500 away from
record territory on Thursday.
The Dow Jones Industrial Average rose 40 points, or 0.2%, to
21751 in recent trade. The S&P 500 fell 0.1%, and the Nasdaq
Composite lost 0.4%.
Major indexes have climbed to fresh highs this week as a flurry
of corporate earnings reports have pointed to continued strength
among U.S. firms.
With second-quarter results in from nearly half of S&P 500
companies, the broader index is poised to report earnings growth of
9% from the year-earlier period, according to FactSet. That would
build on gains from the first quarter, when U.S. companies reported
their fastest earnings growth in nearly six years.
"Earnings are coming in above expectations, which is justifying
the move up in equities," said Jeff Zipper, managing director at
the Private Client Reserve of U.S. Bank, which has $145 billion
under management. "At the same time, the weaker dollar is good for
multinationals' bottom lines."
Technology stocks fell 0.8% in the S&P 500, with Advanced
Micro Devices, Nvidia and Mastercard posting among the steepest
losses.
The declines offset a rally in shares of Facebook, which said
Wednesday afternoon that profit rose 71% in the second quarter.
Facebook shares added 4.6%, hovering near a new high in market
value.
Consumer-discretionary shares rose 0.6% in the S&P 500.
Viacom jumped 3.3%, among the biggest gainers in the sector for the
day, after The Wall Street Journal reported the firm was out of the
running to acquire media company Scripps Networks Interactive.
Elsewhere, the Stoxx Europe 600 was down 0.1% after swinging on
the latest batch of corporate earnings.
Shares of Royal Dutch Shell gained 0.7% after the company
reported a sharp increase in cash flow from operating activities.
Deutsche Bank shares fell 6.5% after the bank beat analysts'
expectations in the second quarter, but said revenue fell on the
year.
Government bonds pulled back, with the yield on the 10-year U.S.
Treasury note rising to 2.310%, according to Tradeweb, from 2.285%
on Wednesday. Yields rise as bond prices fall.
Earlier, Japan's Nikkei Stock Average gained 0.2%. Hong Kong's
Hang Seng Index rose 0.7% to its highest close since June 2015.
Write to Akane Otani at akane.otani@wsj.com and Georgi Kantchev
at georgi.kantchev@wsj.com
(END) Dow Jones Newswires
July 27, 2017 13:35 ET (17:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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