By Medha Singh
(Reuters) – US equities fell Friday after a strong upturn the day before as investors struggled with new trade tensions, political turmoil in Italy and a surprise decline in the UK economy.
Chipmakers and other customs-sensitive technology companies () have come under pressure after it was reported that Washington delayed a decision to re-approve trade between US companies and China's telecommunications supplier Huawei.
The Philadelphia SE semiconductor index () fell 1
In Europe, Italian Deputy Prime Minister Matteo Salvini called for early elections; while the UK economy shrank for the first time since 2012, raising concerns when the country leaves the European Union in October.
"Eurozone political uncertainty adds one more variable the market is struggling with" In connection with GDP figures and the trade war, investors get an upset stomach, "said Andre Bakhos, managing director of New Vines Capital LLC in Bernardsville, New Jersey The (Trump) administration will be dealing with China, which will be an overhang in the market, causing many sharp swings. "
US stocks roared back on Thursday, posting the best daily gain in two Months in a turbulent week for the markets, which was dominated by a symbolic decline in the Chinese currency.
At 9:50 ET, the Dow Jones Industrial Average () fell 82.56 points or 0.31% to 26,295.63 and the S & P 500 () fell 12.15 points or 0.41 % to 2,925.94. The Nasdaq Composite () fell 54.54 points or 0.68% to 7,984.62.
Investors looking for safety helped the defensive sectors, including utilities () and real estate, outperform the other major S & P sectors this week.
Shares of Uber Technologies Inc (N 🙂 lost 9.4% after the hail-boat company recorded a record loss of $ 5.2 billion and revenues below Wall Street targets.
DXC Technology (N 🙂 fell 31.4% after the IT and consulting firm lowered its full-year earnings and revenue guidance.
Nektar Therapeutics (O 🙂 shares fell 38.2% after the drug developer reported manufacturing problems with its experimental cancer drug bempeg.
There has been more progress on declining emissions than a 1.73 to 1 NYSE ratio and a Nasdaq ratio of 1.44 to 1.
The S & P index recorded 33 new 52-weeks – Highs and three new lows The Nasdaq recorded 35 new highs and 39 new lows.
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