Wall Street drops as Broadcom warning pushes chip stocks lower

- U.S. stocks dropped on Friday, as shares of chipmakers sank on a warning from sector major Broadcom of a broad weakening in global demand and Chinese data pointed to the worst slowdown in industrial growth in 17 years.

Shares of Apple Inc also slipped 1% and weighed the most on the three main indexes. Broadcom is a major supplier to the iPhone maker. “People are backing off of optimism that a trade deal will get done and it’ll probably drag out longer into the year,” Nauman said. At 11:27 a.m. ET the Dow Jones Industrial Average was down 41.61 points, or 0.16%, at 26,065.16, the S&P 500 was down 7.07 points, or 0.24%, at 2,884.57 and the Nasdaq Composite was down 41.69 points, or 0.53%, at 7,795.44.

In a bright spot, data showed U.S. retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Asia stocks steady after oil surge lifts Wall StreetAsian stocks held their ground on Friday after Wall Street gained on a surge in ... says steady, has a FULLY RED BOARD in the picture, save one ticker 🤔 All-Out Crazy.
Источник: Reuters - 🏆 2. / 97 Прочитайте больше »

Stocks in Asia set to slide following overnight slip on Wall StreetShares in Asia Pacific were set to trade mixed on Thursday following an overnight slip for stocks on Wall Street. The fuking world is RED! BUT no-one cares? Our markets are fake starting with $spy
Источник: CNBC - 🏆 12. / 72 Прочитайте больше »