US stocks fall amid tech weakness | Fin24
  • Last minute

    Theresa May has planned a last minute Brussels dash to save the Brexit summit.

  • Waiting to let go

    PIC boss Dan Matjila has offered to step down, but only in April 2019.

  • Eskom capacity

    Eskom faces structural problems - its ability to supply power is at its lowest in years.


US stocks fall amid tech weakness

Jul 04 2018 08:43

Wall Street stocks finished lower on Tuesday with technology and transportation shares sagging in light-volume trading ahead of the Independence Day holiday.

The Dow Jones Industrial Average fell 0.5% to 24 174.82.

The broad-based S&P 500 shed 0.5% to 2 713.22, while the tech-rich Nasdaq Composite Index tumbled 0.9% to 7 502.67.

Wall Street stocks had opened mostly higher, with petroleum-linked shares achieving solid gains as US oil prices topped $75 a barrel.

But analysts said sentiment shifted after oil prices retreated from that level at mid-session. Market swings were accentuated by low trading volumes, with US markets closing early on Tuesday for the July 4th holiday.

Technology shares, which had outperformed the rest of the broader market on Monday, suffered a weak session.

Facebook tumbled 2.4% after confirming it faces investigations by the Securities and Exchange Commission and the Federal Bureau of Investigation on its release of consumer data to now-defunct political consultancy Cambridge Analytica.

Tesla Motors was another weak tech stock, dropping 7.2% a day after the company reported meeting a key production target for its Model 3 sedan.

Other large technology companies, including Apple, Google parent Alphabet and Microsoft, also fell.

American Airlines, Delta Air Lines and United Continental all dropped at least 1% following a downgrade by Deutsche Bank.

General Motors fell 1.2% despite reporting a 4.6% increase in second-quarter US sales.

Ford fell 1.0% after reporting a 1.2% increase in June US sales but a 1.8% drop in sales for the first half of the year.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

Follow Fin24 on Twitter and Facebook. encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

equities  |  wall street  |  markets


Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Why do you think Tom Moyane want to cross-examine Pravin Gordhan at State Capture Inquiry?

Previous results · Suggest a vote