US stocks end lower on tech sector weakness

US stocks end lower on tech sector weakness

New York: US stocks suffered losses, pressured by the weakness in tech sector.

The Dow Jones Industrial Average decreased 17.16 points, or 0.07 per cent, to 26,089.61 on Friday. The S&P 500 erased 4.66 points, or 0.16 per cent, to 2,886.98. The Nasdaq Composite Index fell 40.47 points, or 0.52 per cent, to 7,796.66, Xinhua reported.

The technology sector dipped 0.83 percent, the worst performer among the 11 primary S&P 500 groups. Utilities, however, rose 0.99 per cent, outpacing the rest.

Tech sector was largely dragged down by chip stocks. Shares of Broadcom closed down 5.57 per cent after the U.S. chipmaker reported weak quarterly results.

Other chip stocks including Lam Research, Qualcomm and Micron Technology, also struggled.

VanEck Vectors Semiconductor ETF (SMH), which tracks the overall performances of major U.S. exchange-listed companies in the semiconductor industry, closed 2.67 per cent lower.

On the economic front, the University of Michigan reported its consumer-sentiment index fell to 97.9 in June from 100 in May. The reading missed the analysts’ expectations of 99 polled by MarketWatch.