Technology stocks weigh down Wall Street

US stocks have dipped as technology shares took a hit from Intel's disappointing quarterly report while investors assessed data that showed domestic growth was boosted by temporary factors in the first quarter.

"Markets have been very strong all year, and this confirms that things are going fine, but we could see some volatility as investors dissect these numbers." Wall Street now expects earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3 percent fall expected at the start of April.

Its results hit other chipmakers, with the Philadelphia chip index down 2.65 percent, while the broader technology sector fell 1.11 percent. Exxon declined 2.5 percent after its quarterly profit missed estimates on lower oil and gas prices and weakness across its businesses. The energy sector fell 1.34 percent, the most among the three S&P sectors in the red, weighed down by lower crude prices and Exxon Mobil's downbeat results.

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