Citywire for Financial Professionals
Stay connected:

View the article online at

Overnight Markets: Consumer staples, tech stocks weigh on Wall Street

Financials and energy shares were the only industry groups closing in the green.

Overnight Markets: Consumer staples, tech stocks weigh on Wall Street

US stocks fell on Thursday with consumer staples, technology shares and real estate leading the losses, while rising bond yields and earnings helped financials rebound.

The Dow Jones Industrial Average fell 83 points, or 0.34%, to 24,665, the S&P 500 lost 16 points, or 0.57%, to 2,693 and the Nasdaq Composite dropped 57 points, or 0.78%, to 7,238.

Disappointing results from Philip Morris International and Procter & Gamble helped pull the market lower early on. Philip Morris disclosed weak quarterly sales and said sales of its iQos device in Japan were slower than expected. The stock was the biggest decliner in the S&P 500, sinking 15.6%.

Procter & Gamble fell 3.3% despite posting results that topped Wall Street's forecasts.

Technology stocks, still the biggest gainers this year, weighed on the market. Chip makers were particularly weak after Taiwan Semiconductor Manufacturing Co. Ltd. gave an outlook that was below expectations. Lam Research, which makes chip-making equipment, led the slide, dropping 6.6%.

Qualcomm slid 4.8% after the Chinese government said it still has concerns about the company's deal to buy NXP Semiconductors.

Shares in Inc. added 1.9% after chief executive Jeff Bezos disclosed in an annual letter to shareholders that the e-commerce juggernaut’s Amazon Prime subscription programme has topped 100 million members world-wide.

On the earnings front, American Express jumped 7.6% after the credit card issuer reported a big quarterly profit thanks to strong customer spending and a lower tax rate.

Rising bond yields helped push bank shares higher. Financials and energy shares were the only industry groups closing in the green. Bank of New York Mellon rose 5.7%.

Blackstone Group reported first-quarter earnings that topped expectations. Shares rose 1.1%.

In Asia, share markets declined on Friday taking cue from Wall Street’s weak close yesterday amid declines in the technology sector.

In Japan, the Nikkei 225 slipped 0.17%, while South Korea's benchmark Kospi index edged down by 0.3%. Australia's S&P/ASX 200 was lower by 0.21%.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:


Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet