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(Reuters) – US stocks fell on Monday as tech companies continued to lose interest as energy prices rose and oil prices rose.
The tech index has been under pressure after disappointing forecasts from Facebook, Intel and Twitter raised questions about the growth prospects of an industry whose surge has propelled the stock market to record highs .
percent and must report profits Tuesday after the bell, the only one of the FAANG group that has not yet reported.
Other members of FAANG also declined: Facebook fell 3.2%, Amazon fell 0.8%, Alphabet dropped 1.8%, while Netflix slipped 4.3 %.
"The theme that began to emerge after seeing the results of Facebook, Amazon and Netflix is that we reached a saturation point among FAANGs Michael Antonelli, general manager of institutional sales at Robert W. Baird in Milwaukee [19659002] "The market experienced a series of losses over the past week and with only 13 S & P components"
Six of the 11 largest S & P sectors were weaker, driven by the 1 drop, 35% of the technology sector.
Caterpillar shares stagnate, after gains of nearly 3% S & P's energy sector jumped 0.85% due to rising oil prices, investors remaining cautious about the prospects of supply. [O/R]
At 10:15 am EDT, the Dow Jones Industrial Average fell by 15.51 points, or 0.06% to 25,435.55, the S & P 500 fell by 7.90 points, or 0.28% at 2,810.92 and Nasdaq Composite down by 67.60 points However, the stocks that outperformed the declining stocks for a ratio of 1.27 to 1 on the New York Stock Exchange and 1.02 for 1 on the Nasdaq.
The Federal Reserve meets Tuesday and Wednesday and should keep rates unchanged and reaffirm the prospects for further rate hikes. The market has almost fully integrated a rise in September and is moving towards a bigger move before the end of the year.
Financial stocks gained 0.45%, driven by a 1% or more increase in JP Morgan, Bank of America and Citigroup However, American Express fell 2.5% after the Wall Street Journal reported that the company had increased currency conversion rates for its customers without warning.
Tyson Foods dropped 5.6% after the company reduced its profit forecast. The warning also weighed on the shares of Hormel Foods, Sanderson Farms and Pilgrim's Pride, which fell 0.3% to 1.9%.
The S & P index posted 12 new highs of 52 weeks and two new lows, while the Nasdaq recorded 19 new highs and 51 new lows.
(Reportage by Amy Caren Daniel in Bengaluru, edited by Shounak Dasgupta)
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