US stocks mostly lower as tech selloff continues

US stocks mostly lower as tech selloff continues

NYSE Sep6
A trader works on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

NEW YORK: Wall Street stocks finished mostly lower on Thursday (Sep 6), with technology shares falling on worries about government regulation and uncertain demand in some segments.

The tech-rich Nasdaq Composite Index lost 72.44 points (0.91 per cent) to close at 7,922.73.

The Dow Jones Industrial Average advanced 20.88 points (0.08 per cent) to end at 25,995.87, while the broad-based S&P 500 shed 10.55 oints (0.37 per cent) to 2,878.05.

The tech selloff continued a day after executives from Facebook and Twitter were grilled on Capitol Hill over their insufficient efforts to address misinformation and manipulation of the platforms after the 2016 US elections, notably from Russia.

Adding to the woes was a lackluster outlook from semiconductor company KLA-Tencor that sent shares of the company down nearly 10 percent. Other chip companies, including Micron Technology and Advanced Micro Devices, also fell sharply.

"Tech stocks are still suffering a hangover after the congressional testimony. The market is concerned about more regulation," said Matt Miskin, a market strategist at John Hancock Investments.

"There is also an excuse for profit taking. Tech stocks ran beyond their fundamentals."

Investors also were watching ongoing trade talks between the US and Canada, and girding for the possibility of additional US tariffs on Chinese goods.

US economic data were mixed, with the ADP report on private-sector hiring below expectations but a survey of services sector activity besting estimates.

Among other companies, CBS rose 3.2 per cent on reports the company's board is negotiating a multi-million-dollar exit for CEO Leslie Moonves, who has been accused of sexual misconduct by at least six women.

Petroleum producers fell on lower oil prices, with Dow member Chevron dropping 3.1 per cent and ConocoPhillips diving 3.4 per cent.

Source: AFP/de

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