US stocks end lower as tech, financial shares fall

US stocks end lower as tech, financial shares fall

New York: US equities closed lower, pressured by the losses in tech and banks shares.

The Dow Jones Industrial Average fell 43.68 points, or 0.17 percent, to 26,004.83 on Wednesday. The S&P 500 was down 5.88 points, or 0.20 percent, to 2,879.84. The Nasdaq Composite Index decreased 29.85 points, or 0.38 percent, to 7,792.72, Xinhua reported.

Shares of Goldman Sachs and JPMorgan Chase slid 2.32 percent and 1.27 percent, respectively, among the worst performers in the Dow. The S&P 500 financials sector declined by 0.95 percent.

Major chip stocks underperformed, weighing on the tech sector. Shares of Lam Research Corporation slumped 5.29 percent, while Qualcomm dropped 2.32 percent. VanEck Vectors Semiconductor ETF (SMH), which tracks the overall performances of major US exchange-listed companies in the semiconductor industry, closed down 2.17 percent.

On the economic front, the U.S. consumer price index for all urban consumers increased 0.1 percent in May on a seasonally adjusted basis after rising 0.3 percent in April, the US Department of Labor reported.

The closely-watched core inflation that strips out food and energy also advanced a scant 0.1 percent last month.

The muted inflation data came as investors increasingly speculate on interest rate cuts from the Federal Reserve.

Market expectations for lower rates by July were at 85.3 percent on Wednesday, according to the CME Group’s FedWatch tool.

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