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Wall Street Ends Flat While Technology Suffers From Broadcom Beatdown By Investing.com




Β© Reuters.

Investing.com – The S & P 500 closed flat on Friday, as firmer retail sales, revealing the underlying strength of the US economy, were thwarted by declining chip values, led by Broadcom.

The 0.18%, the decrease of 0.07%, while the decline of 0.52%.

A tide of red securities in the chip market led to a sharp drop in the technology sector, driven by a 5.6% collapse of Broadcom (NASDAQ πŸ™‚ after the chip maker's business estimates and a reduction in its forecasts in the face of slowing demand.

Qualcomm (NASDAQ :), Intel (NASDAQ :); Xilinx (NASDAQ πŸ™‚ and Micron Technology (NASDAQ πŸ™‚ ended the day by more than 1%.

Facebook (NASDAQ :), however, resisted the trend, increasing by 2% while the adventure of the social media giant in cryptocurrency elicited the praise of RBC.

"We think this could prove to be one of the most important initiatives in the company's history to unleash new sources of commitment and revenue," analysts said. from RBC, Mark Mahaney and Zachary Schwartzman, in a note to investors.

Energy stocks, meanwhile, also contributed to the decline in the broader market, slowing the rise in oil prices. Nevertheless, the sunny weekend for oil prices did not hide a 2% drop per week.

Equity losses, however, were contained thanks to an upward revision of the April data, which led analysts to think it was too early to consider growth in the United States.

"Thanks to strong growth in May and huge upward revisions to April's releases, consumer spending is expected to pick up in the second quarter as growth grows to over 3% (annualized)," he said. TD Economics.

U.S. economic optimism is in stark contrast to China's economic data, which slowed to a 17-year low, as the manufacturing and production sectors, many of which depend on strong exports, were hit by the recent trade war. course between the United States and China.

A little more than two weeks before the G20 meeting and few signs that the trade war will be resolved as soon as possible, traders increasingly fear that the two countries will cause escalation of tensions.

US President Donald Trump threatened to tax $ 300 billion worth of additional Chinese goods if his counterpart, President Xi Jinping, did not attend the G20 meeting in Tokyo scheduled for June 28-29.

In other news, online pet retailer Chewy (NYSE πŸ™‚ has climbed 59% since its debut to finish the day well above its IPO price. $ 22.

Main winners and losers of the S & P 500 today:

Facebook (NASDAQ :), CF Industries Holdings (NYSE πŸ™‚ and Ventas (NYSE πŸ™‚ were among the top winners of the S & P 500 for the session.

Broadcom (NASDAQ :), F5 networks (NASDAQ πŸ™‚ and Noble Energy (NYSE πŸ™‚ have been among the worst of the session on the S & P 500.

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