Chipmakers weigh on stocks after bearish note; U.S. crude slides | Reuters

 Chipmakers weigh on stocks after bearish note; U.S. crude slides | ReutersNEW YORK (Reuters) - Declines in chipmaker shares weighed on stocks across the globe on Monday, while U.S. energy shares fell as crude dropped and the dollar slipped to an 11-week low against the yen. FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File PhotoU.S. chipmaker stocks .SOX fell 1.2 percent after closing at a record high on Friday. A Morgan Stanley note on global technology downgraded Samsung and Taiwan Semiconductor and argued it is “time for a pause” for chipmakers, which have seen stellar performance this year. Tech stocks in Europe .SX8P fell 0.6 percent. “The (stock) market is looking at the rest of the world and seeing it’s a little bit soft, while the early read on holiday sales has been pretty good. So on the consumer side that’s looking good,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. Consumer Discretionary .SPLRCD was among the top boosts to the S&P as sales data indicated an upbeat consumer during the first weekend of the holiday shopping season. The Dow Jones Industrial Average .DJI rose 29.08 points, or 0.12 percent, to 23,587.07, the S&P 500 .SPX lost 1.49 points, or 0.06 percent, to 2,600.93 and the Nasdaq Composite .IXIC dropped 14.67 points, or 0.21 percent, to 6,874.49. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.28 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.23 percent. Emerging market stocks lost 0.84 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.81 percent lower, while Japan's Nikkei .N225 lost 0.24 percent. Energy stocks fell the most on the S&P 500 .SPNY, down 1.0 percent. The slide tracked a 2.09-percent decline in U.S. crude CLcv1 to $57.72 per barrel while Brent LCOcv1 was last at $63.22, down 1 percent on the day. A Chinese investor monitors share prices at a securities company in Shanghai November 12, 2003. REUTERS/Claro Cortes IV/File PhotoThe dollar index .DXY fell 0.04 percent, with the euro EUR= down 0.07 percent to $1.1922. The Japanese yen strengthened 0.52 percent versus the greenback at 110.97 per dollar, after hitting 110.89, the strongest in 11 weeks. Sterling GBP= was last trading at $1.3339, up 0.03 percent on the day. People walk past an electronic board showing Japan's Nikkei average outside a brokerage at a business district in Tokyo, Japan August 9, 2017. REUTERS/Kim Kyung-Hoon Treasury yields rose briefly after data showed U.S. new home sales surged to their highest in 10 years and were last little changed on the day. Benchmark 10-year notes US10YT=RR last rose 2/32 in price to yield 2.333 percent, from 2.34 percent late on Friday. The gap between U.S. 2-year note and U.S. 10-year note yields US2US10=TWEB contracted to 56.30 basis points, the tightest since October 2007. The gap was last at 57.4 basis points. The 30-year bond US30YT=RR last rose 1/32 in price to yield 2.76 percent, from 2.761 percent late on Friday. Spot gold XAU= added 0.7 percent to $1,296.58 an ounce. U.S. gold futures GCcv1 gained 0.69 percent to $1,296.20 an ounce. Copper CMCU3 lost 0.92 percent to $6,937.50 a ton.

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Updated Date: Nov 27, 2017 22:45:10 IST