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(Reuters) – US stocks gave way to a weak start today as Intel strengthened tech stocks and propelled the Dow Jones Industrial Average to a record high.
Intel jumped 5.1%, but analysts have not found a new trigger, some suggesting that the action was the resumption of Friday after the chip maker had eased concerns about his business.
The Philadelphia SE semiconductor index climbed 1.20%, its biggest gain in what should be a four-day rally, while technology stocks rose 0.48%.
Eight of the top 11 sectors of S & P were up, compared with only three winners at the start of the session. The index of materials rose by 0.53%, while that of communication services rose by 0.19%.
"We have a relatively benign market on both sides of the spectrum, but in terms of turnover, we have a big-cap game today and you see a small capitalization down modestly," said Ryan Larson, head of the market. US stocks. at RBC Global Asset Management in Chicago.
At 12:31 EDT, the Dow Jones Industrial Average was up 0.49% to 26,780.56, down slightly from a record high of 26,793.35. The S & P 500 rose 0.16% to 2,929.15, while the Nasdaq rose only slightly to 8,041.40.
However, underlining the influence of large cap stocks, the decline in issuance was greater than that of the promoters, with a ratio of 1.29 to 1 on the NYSE and a ratio of 1.71 to 1 on the Nasdaq.
The Russell 2000 Small Cap Index was down 0.59%. The smaller names had been perceived as more immune to commercial pressures and had fallen on Monday after the NAFTA agreement was rescued.
Finance also maintained their losses, which lost 0.3%, as US lenders closely followed their Italian counterparts after a senior lawmaker from one of the ruling parties in Italy said the most of the country's problems would be solved if the country readmitted a national currency.
These comments, which reinforced the concern over the Italian coalition's proposal last week to present a budget with a higher-than-expected deficit target, put pressure on global equities and weighed on Wall Street more than expected. early in the day.
"Part of the sentiment, modestly modest, could come from the situation in Italy, with the banks being hit pretty hard, spillover could happen," Larson said.
The defensive utility sector was the largest gain among the sectors, rising 1.4%.
Among latecomers, Facebook dropped by more than 1% for the third consecutive session, as incessant calls to use legislation to force technology companies to take their responsibilities for online security seriously.
PepsiCo was down 0.9%, as margins were disappointing as commodity and transportation costs were overshadowed by quarterly earnings above estimates.
The S & P index recorded 18 new highs over 52 weeks and 10 new lows, while the Nasdaq recorded 27 new highs and 94 new lows.
(Report by Medha Singh and Amy Caren Daniel in Bengaluru, edited by Sriraj Kalluvila)
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