[ad_1]
(For a live blog on the US stock market, click or type LIVE / in an information window)
* Financial services top winners in key S & P sectors
* Wells Fargo rises on the appointment of the new CEO
* Micron hits on weak earnings outlook for the first quarter
* Consumer spending in the United States barely increases in August
* Dow up 0.07%, S & P down 0.14%, Nasdaq down 0.36% (Comment changes, added details, price updates)
By Ambar Warrick and Medha Singh
September 27 (Reuters) – The S & P and Nasdaq collapsed on Friday after the Trump administration planned to pull Chinese companies off US stock exchanges and limit US investment in China.
Shares of Alibaba Group Holding Ltd., Baidu Inc. and JD.com Inc., listed in the United States, have slipped from 1.2% to 3.6% news.
Micron Technology Inc. fell 9.2% and resulted in a 0.9% decline in the Philadelphia semiconductor index.
The three leading indexes should end a slightly lower volatile week after contradictory headlines about US-China trade and when US Democrats launched a dismissal investigation against President Donald Trump.
Wells Fargo & Co shares rose 4.4% and were among the top winners in the S & P 500 after the lender appointed banking veteran Charles Scharf to the position of general manager.
The banking sub-sector grew by 1.2%, while the financial sector in general grew by 0.3%.
"It's the end of the quarter, we are a bit on hold, we are preparing to receive big news in the next three weeks that will give us more clarity and direction in the market," said Larry. Adam, director of investments at Raymond James in Baltimore, Maryland.
Next week, the focus will be on data from the ISM Purchasing Managers Index (PMI) for September, especially after the August report. showed a contraction in the manufacturing sector, as well as the crucial report on jobs.
High-level trade talks between Washington and Beijing are scheduled for next month before the start of the third quarter earnings season.
At 12:14 ET, the Dow Jones Industrial Average was up 18.44 points, or 0.07%, to 26,909.56, the S & P 500 was down 4.03 points, or 0.14%, at 2,973.59. The Nasdaq Composite was down 29.09 points, or 0.36%, to 8,001.57.
The data showed that consumer spending in the United States had barely increased in August, suggesting that the main driver of economic growth was slowing down after sharply accelerating in the second quarter.
New orders for equipment goods manufactured in the United States also fell unexpectedly in August, but the index said PCE base prices, the Fed's preferred measure of inflation, reached 1.8% in August, the biggest price increase since January.
Increasing issues outnumbered the declining 1.01: 1 ratio on the NYSE. Falling numbers outnumbered defenders for a ratio of 1.04 to 1 on the Nasdaq.
The S & P index posted 11 new highs over 52 weeks and four new lows, while the Nasdaq recorded 24 new highs and 71 new lows. (Report by Ambar Warrick and Medha Singh in Bengaluru, edited by Patrick Graham and Shounak Dasgupta)
[ad_2]
Source link