Wall Street poised for second straight weekly drop
By Chuck Mikolajczak NEW YORK (Reuters) - The S&P and Nasdaq were lower on Friday as early gains in the technology sector and growth names faded, with each of the three major Wall Street averages on track for their second straight weekly decline. After rising to a record high of $61.86, shares of Oracle Corp turned lower along with the rest of the technology sector .
By Chuck Mikolajczak
NEW YORK (Reuters) - The S&P and Nasdaq were lower on Friday as early gains in the technology sector and growth names faded, with each of the three major Wall Street averages on track for their second straight weekly decline.
After rising to a record high of $61.86, shares of Oracle Corp
The tech sector fell 1.39% and was on track for its fifth decline in six days and biggest weekly percentage decline since March as investors have moved away from companies such as Apple Inc
In addition, the sector was on pace to close below its 50-day moving average, a technical support level, for the first time since April 21.
Growth stocks <.IGX>, which include many tech names along with others that have benefited from government-imposed lockdowns such as Amazon.com Inc
"We are in another period out of growth and into value, we get these about once a month. They last either a couple of days or a week," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
"And while growth isn’t cheap, it is growth and a lot of these companies are doing well during the pandemic so I wouldn’t be surprised to see money coming back to them."
The Dow Jones Industrial Average <.DJI> was up 8.07 points, or 0.03%, at 27,542.65, the S&P 500 <.SPX> lost 15.74 points, or 0.47%, to 3,323.45 and the Nasdaq Composite <.IXIC> dropped 136.94 points, or 1.25%, to 10,782.65.
Industrials <.SPLRCI> and financial stocks <.SPSY> provided the biggest boost to the benchmark index. Material <.SPLRCM> was the only S&P sector poised to end higher on the week.
Many investors view the recent slump as a healthy consolidation after a stunning five-month rally in the S&P 500 that was powered by a narrow group of heavyweight tech companies and massive amounts of fiscal and monetary stimulus.
Meanwhile, latest data showed U.S. consumer prices increased solidly in August, but the labor market's slack is likely to keep a lid on inflation as the economy recovers from the COVID-19 recession.
Another beneficiary of coronavirus lockdowns, exercise bike maker Peloton Interactive Inc
(Reporting by Chuck Mikolajczak in New York; Editing by Matthew Lewis)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.