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Wednesday, July 22, 2015

Wall Street ends lower as tech stocks weigh

Wall Street declined for a second straight session today as the technology sector fell on disappointing results from giants including Apple.

Apple shares slumped 4.3 percent to $125.14, a day after the iPhone maker's revenue forecast for the fourth quarter fell below expectations, its biggest percentage drop since January 2014.

The world's largest publicly-traded company was the biggest drag on all three major indexes and contributed nearly 37 points to the Dow's overall decline. The S&P technology sector fell 1.6 percent as the worst performing of the 10 major S&P sectors.

Microsoft fell 3.7 percent, its biggest percentage drop since January, to $45.54 after reporting its biggest-ever quarterly loss, as the company wrote down its Nokia phone business and demand fell for its Windows operating system.

Yahoo shed 1.2 percent at $39.24 after it forecast lower-than-expected revenue for the current quarter as it struggles to revive its core online advertising business.

The Dow Jones industrial average fell 68.25 points, or 0.38 percent, to 17,851.04, the S&P 500 lost 5.06 points, or 0.24 percent, to 2,114.15 and the Nasdaq Composite dropped 36.35 points, or 0.7 percent, to 5,171.77.

While markets remain near record highs, June-quarter S&P 500 earnings are expected to dip 1.5 percent, according to Thomson Reuters data, well below the 5.9 percent gain forecast on Jan. 1, but above the 3-percent decline expected at the start of July.

European shares dropped, also dragged down by tech stocks after Apple Inc's revenue forecast fell short of estimates, as the quarterly earnings season gathered pace in Europe and on Wall Street.

The FTSEurofirst 300 index of top pan-European shares closed down 0.6 percent at 1,586.46 points. It fell 1.1 percent in the previous session.

The STOXX Europe 600 Technology index shed 1.7 percent, with chip designer ARM Holdings among those falling the most. ARM fell 6.6 percent after the results from Apple, a major customer, despite posting a 32 percent rise in second-quarter profit.

German chipmaker Dialog Semiconductor, another company with ties to Apple, tumbled 5.2 percent.

Meanwhile, Japanese shares snapped a six-day winning streak pressured by declines on Wall Street with Apple Inc -related stocks stumbling after the tech giant's revenue forecast missed market expectations.

The Nikkei share average dropped 1.0 percent to 20,627.93 in midmorning trade after ending at a near four-week closing high on the previous day. In the past six days, the Nikkei had gained 5.0 percent.

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Tags:  US  stock market  Europe  Nikkei  





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