Wall Street dips as earnings gather pace, jobless claims fall | Malay Mail

NEW YORK, July 15 — US stock indexes fell today following the latest batch of quarterly corporate earnings reports, while data showed the number of Americans filing new claims for unemployment benefits fell last week as expected.

“There is some concern that the economy has sort of reached the maximum level of growth,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.Eight of the 11 major S&P 500 sector indexes were trading lower, with technology falling 0.5 per cent and set to snap a four-day winning streak.

Meanwhile, the second-quarter earnings season began on a strong note this week, with the four largest US lenders — Wells Fargo & Co, Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co — posting a combined US$33 billion in profits. Nasdaq heavyweights Apple Inc, Microsoft Corp, Amazon.com, Google owner Alphabet Inc and Facebook Inc were trading flat to lower.

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