Wall Street slides as tech shares lag

New York: US equities gave up early gains to finish lower as major tech shares declined, dragging down the market.

The Dow Jones Industrial Average on Friday fell 159.72 points, or 0.59 percent, to 26,935.07. The S&P 500 was down 14.72 points, or 0.49 percent, to 2,992.07, Xinhua reported.

The Nasdaq Composite Index decreased 65.21 points, or 0.80 percent, to 8,117.67.

MS Education Academy

Shares of major US tech giants, the FAANG group of Facebook, Apple, Amazon and Google-parent Alphabet, all closed lower.

The S&P 500 technology sector dipped 1.12 percent, among the worst-performing groups. Health care traded on an upbeat note throughout the session to finish up 0.6 percent.

Wall Street continued to digest the Federal Reserve’s latest decision on the interest rate.

The US central bank on Wednesday lowered interest rates by 25 basis points amid growing risks and uncertainties stemming from trade tensions and a global economic slowdown, following a rate cut in July that was its first in more than a decade.

The rate-cut move was largely in line with market expectation, however, the Fed failed to signal clearly on its future moves.

Subscribe us on The Siasat Daily - Google News
Back to top button