Wall Street falls as tech stocks drag indexes lower

Price ActionEarningsMacro

โดย Zacks Investment Research·Read original

Summary · why it matters

Wall Street closed lower on Thursday, dragged down by technology stocks, as investors assessed second-quarter earnings and a batch of economic data. The Dow Jones Industrial Average fell 0.2% to 52,553.32, the Nasdaq Composite declined 1.5% to 25,881.95, and the S&P 500 lost 0.5% to 7,533.77. Among the S&P 500's 11 sectors, the Communication Services Select Sector SPDR fell 2.9%, the Information Technology Select Sector SPDR dropped 1.8%, and the Consumer Discretionary Select Sector SPDR slipped 0.3%, while the Consumer Staples Select Sector SPDR rose 2.9%. The CBOE Volatility Index increased 6.8% to 16.73. In earnings, UnitedHealth Group reported second-quarter earnings of $6.38 per share on revenues of $112.03 billion, Abbott Laboratories posted earnings of $1.31 per share on revenues of $12.59 billion, and J.B. Hunt Transport Services earned $1.91 per share on revenues of $3.5 billion, with all three beating estimates and their stocks rising 1.2%, 10.7%, and 8%, respectively. On the economic front, retail sales rose 0.2% in June, pending home sales fell 5.4%, initial jobless claims dropped to 208,000, and the Philly Fed Index surged to 41.1.