How major US stock market indexes fared on Friday
- Author: Zachary Reyes Jun 10, 2017,
Jun 10, 2017, 13:08
Apple Inc (AAPL.O) shares fell 3.9 percent in their biggest daily percentage decline since April 2016 and were the biggest weight on the three major indexes, after a report that iPhones to be launched later this year will use modem chips with slower download speeds than some rival smartphones.
The Nasdaq closed sharply lower from record highs Friday as several big tech names sold off ahead of the Federal Reserve's expected rate hike next week. The S&P 500 added 6 points to 2,440, a rise of 0.2%. Eastern Time. The Dow Jones industrial average rose 69 points, or 0.3 percent, to 21,252. Britain's FTSE 100 gained 0.8 percent to 7,509.52.
A hat trick of negatives hit tech stocks at the end of a confusing news week.
USA stocks were coming off a two-day winning streak, which included a record high for the Nasdaq on Thursday.
But then investors began to unload technology stocks.
Investors also viewed former FBI Director James Comey's testimony on Thursday as not disruptive to the stock market. But the biggest decliner was chipmaker Nvidia, which lost 10.34 dollars, or 6.5%, to 149.60 dollars. Facebook Inc.(FB) fell 1.4% while Alphabet Inc. DuPont Fabros Technology shares jumped $6.74, or 12.2 percent, to $62.10. The sector remains up 17% year to date. Energy stocks were up the most as the price of crude oil rose.
A gain in the USA on Friday would keep American shares trading at premium multiples to much of the world's markets.
The pound slumped after Britain's ruling Conservatives lost their majority in Parliament.
The pound weakened to 1.2724 dollars from 1.2943 dollars. The euro weakened to 1.1195 dollars from 1.1222 dollars.
OVERSEAS: Germany's DAX rose 0.6 percent, while France's CAC 40 was 0.6 percent higher. Japan's Nikkei 225 added 0.5 percent, while South Korea's Kospi rose 0.8 percent. The benchmark rose less than 0.1 percent Thursday.
ROBOT WATCH: SoftBank stock surged 7 percent after it announced it was acquiring Boston Dynamics from Alphabet, Google's parent. The Shanghai Composite added 0.3 percent to 3,158.40. It continued to bounce around that level and was recently trading at $1.2721.
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