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Overnight Markets: Tech shares pull Wall Street lower again

Apple and Alphabet decline after separate bearish analysts reports on the two tech heavyweights.

 
Overnight Markets: Tech shares pull Wall Street lower again

Wall Street retreated on Thursday as technology firms and small companies skidded, while investors fretted about the economy's health after the Federal Reserve lifted interest rates.

The Dow Jones Industrial Average fell 15 points, or 0.07%, to 21,360, the S&P 500 lost five points, or 0.22%, to 2,432 and the Nasdaq Composite dropped 29 points, or 0.47%, to 6,166.

The S&P technology sector declined 0.5%, continuing a slide that began last Friday. The sector cut steeper losses from earlier in the session. Apple shares closed 0.6% lower while Google parent Alphabet dropped 0.8% after separate bearish analysts reports on the two tech heavyweights.

The consumer discretionary sector fell 0.5%, as Amazon.com shares closed down 1.3%. Nike fell 3.2% after the company said it would cut about 2% of its global workforce and eliminate a quarter of its shoe styles.

Financials and energy also sold off. Financials slipped 0.4% and energy fell 0.7%. Utilities and real estate rose 0.6% and 0.5%, respectively, making them the best performing sectors along with the 0.6% rise for industrials.

In other corporate news, Kroger shares tumbled 18.9% after the supermarket chain slashed its full-year profit forecast.

Materials companies stumbled after steel maker Nucor gave a disappointing forecast for the current quarter. Nucor said its steel mills are struggling this quarter because of aggressive competition, and its stock surrendered 7.6%.

Following a disappointing data on inflation and retail sales on Wednesday, a report on Thursday showed the number of Americans filing for unemployment benefits fell more than expected last week.

In Asia, shares traded sideways on Friday in morning session following the declines in tech stocks on Wall Street and with the Bank of Japan due to release its latest policy views.

Japan's benchmark Nikkei 225 index gained 0.54% and South Korea's Kospi erased earlier gains to trade lower by 0.12%. Australia’s S&P/ASX 200 edged higher by 0.45%.

In Hong Kong, the Hang Seng Index added 0.36%. On the mainland, the Shanghai Composite was down by 0.22% and the Shenzhen Composite inched higher by 0.01%.

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