(MENAFN- AFP) Broad selling in tech stocks pulled US markets lower Wednesday, cutting short a six-day streak of gains by the S&P 500.
Boeing, Dow Chemical and Delta Air Lines registered strong gains on better than expected quarterly reports, but their impact was offset by poor performances from AT&T and biotech giant Amgen.
The Dow Jones Industrial Average fell 12.72 points (0.08 percent) to 16,501.65.
The S&P 500 dropped 4.16 (0.22 percent) to 1,875.39, while the Nasdaq Composite lost 34.49 (0.83 percent) at 4,126.97.
"Some disappointing economic reports domestically and from China put a wrench in the bulls' plans to extend the recent rally," said Charles Schwab & Co., citing a plunge in US new-home sales in March.
Boeing shares jumped 2.4 percent after core earnings per share handily beat forecasts and the company raised its 2014 outlook. The aerospace giant was the Dow's best gainer.
Dow Chemical rose 0.9 percent after reporting a 65 percent leap in first-quarter profit.
Delta's strong earnings boosted its shares 6.1 percent
But weakness in telecoms shares helped pull back the overall market. AT&T sank 3.8 percent after slightly missing revenue forecasts in its first-quarter report released late Tuesday.
Falling with it was Verizon, down 1.0 percent.
Amgen dived 5.0 percent after earnings missed expectations.
Procter and Gamble shares lost 0.3 percent after its profits edged 1.7 percent higher amid what it called a tough competitive environment.
Also hit with selling were major tech firms, including Google (-1.5 percent), Microsoft (-0.8 percent), Facebook (-2.7 percent) and Apple (-1.3 percent).
After the close, Facebook reported profit nearly tripled to $642 million in the first quarter on a 72 percent surge in revenues. Facebook shares rebounded 2.7 percent in after-hours trade.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.69 percent from 2.73 percent late Tuesday, while the 30-year slid to 3.47 percent from 3.50 percent. Bond prices and yields move inversely.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.