BUSINESS US stocks open lower as chip shares lag

BUSINESS

US stocks open lower as chip shares lag

Xinhua

22:52, June 14, 2019

NEW YORK, June 14 (Xinhua) -- U.S. stocks opened lower on Friday, pressured by the sell-off in chip sector.

Shortly after the opening bell, the Dow Jones Industrial Average decreased 54.68 points, or 0.21 percent, to 26,052.09. The S&P 500 was down 5.64 points, or 0.20 percent, to 2,886.00. The Nasdaq Composite Index fell 33.73 points, or 0.43 percent, to 7,803.40.

Shares of Broadcom plunged more than 7 percent in morning trading after the U.S. chipmaker reported lackluster quarterly results.

Other chipmaker stocks, including Lam Research, Qualcomm and Micron Technology, all traded down more than 2 percent.

VanEck Vectors Semiconductor ETF (SMH), which tracks the overall performances of major U.S. exchange-listed companies in the semiconductor industry, dropped 2.9 percent shortly after the opening.

Of the 11 primary S&P 500 sectors, technology slid 1.1 percent, the worst-performing group.

U.S. equities closed higher on Thursday as energy and Disney shares rallied, bolstering the market.  


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