LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Wall Street takes a hit from chip, internet stocks

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Sep 07, 2018
04:46 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

The tech-heavy Nasdaq saw sharp declines on Thursday as internet stocks faltered for a second day on concerns about increased regulation, while a warning from KLA Tencor led a slide in chip stocks.

Chipmaker Micron sank 9 percent after Chief Financial Officer David Zinsner said prices of NAND chips declined in the third quarter and at least two brokerages said the markets for NAND and DRAM chips were worsening.

KLA Tencor tumbled 9 percent, and weighed on other chip equipment makers, after Chief Financial Officer Bren Higgins said September was still "a drought for DRAM" and that a pick-up in business later this year would be less than expected.

The Philadelphia SE Semiconductor index <.sox> slid 2.2 percent, led by Micron and KLA Tencor.

Facebook and Twitter executives defended their companies before sceptical U.S. lawmakers on Wednesday and the U.S. Department of Justice said it would discuss, at a meeting on Sept. 25, concerns that social media platforms are "intentionally stifling the free exchange of ideas".

Facebook fell 2.7 percent, Twitter dropped 2.1 percent, Alphabet slipped 1.8 percent and Snap was down 2.3 percent, hitting a fresh record low.

The losses, along with those in chip companies sent the S&P 500 technology index <.splrct> down 1.32 percent, the most among the major 11 S&P sectors.

"As a shareholder, anytime regulation is brought up that impacts your profitability," said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.

"A lot of the chip stocks rose dramatically earlier this year ... there is some undercurrent that tariffs might affect some of those stocks."

Investors were keeping an eye on trade developments as a public comment period, on the Trump administration`s plan for fresh tariffs on $200 billion in Chinese imports, ends on Thursday. China has warned of retaliation if Washington implements any new tariff measures.

U.S.-Canada talks on the North American Free Trade Agreement also continue.

At 11:23 a.m. ET, the Dow Jones Industrial Average <.dji> was down 50.75 points, or 0.20 percent, at 25,924.24, the S&P 500 <.spx> was down 15.74 points, or 0.54 percent, at 2,872.86 and the Nasdaq Composite <.ixic> was down 83.19 points, or 1.04 percent, at 7,911.98.

Four of the 11 major S&P sectors were higher, led by a 0.23 percent rise in the real estate <.splrcr> index and a 0.20 percent gain in the industrial sector <.splrci>.

Among the bright spots, Netflix rose 2.1 percent after RBC raised price target on the stock and a survey by the brokerage showed higher penetration levels in the United States and United Kingdom.

Declining issues outnumbered advancers for a 1.59-to-1 ratio on the NYSE and for a 1.65-to-1 ratio on the Nasdaq.

The S&P index recorded 34 new 52-week highs and eight new lows, while the Nasdaq recorded 72 new highs and 35 new lows.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

7th Pay Commission: DA, TA, DR, salary hike—what central government employees and pensioners must know

''Metro Man'' E Sreedharan formally joins BJP

Online news media publishers may come under the ambit of Section 69(A) of IT Act: Report

SBI SME Gold Loan: Get this SBI business loan up to RS 50 lakh at 'attractive' rate without any financial document

Mid-cap Picks with Anil Singhvi: Hemang Jani picks Canfin Homes, Granules India and AU Small Finance Bank for good returns

Rajasthan Board 10th, 12th Exam 2021 Date Sheet Out: RBSE released date sheet for class 10 and class 12 board exams: Check exam dates and other details here

Railtel IPO strategy with Anil Singhvi: Share price rises 5 pct on debut today

Greaves Cotton: Sharekhan maintains Buy rating with the revised price target of Rs 150

Spider-Man 3 name revealed! See here title, cast, release date and other details

Stocks to Buy With Anil Singhvi: Lumax Auto Technologies is a top pick for Sandeep Jain today | Money Making Tip

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved