S&P 500, Dow slip as telecom stocks eclipse upbeat results from retailers | Malay Mail

Tuesday, 18 May 2021 11:27 PM MYT

Despite strong results, Home Depot’s shares came under pressure due to the lack of a solid outlook and disappointing housing data. Latest data showed, US homebuilding fell more than expected in April, likely pulled down by soaring prices for lumber and other materials. Fund managers trimmed their overweight positions on technology stocks to a three-year low as inflation worries left growth stocks vulnerable to a pullback, and turned overweight on UK stocks for the first time in seven years, a survey from Bank of America showed.

Tesla Inc dropped 0.8 per cent after the family office run by “Big Short” investor Michael Burry disclosed a short position worth more than half a billion against the electric-car maker.

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