Economy

How major USA stock indexes fared Thursday

How major USA stock indexes fared Thursday”

These stocks also posted weekly losses, which translated into declines for the major averages this week. Also, it reported an adjusted loss per share of $7.82. "A well-deserved correction makes a lot of sense in our view".

The S&P 500 is poised for a second day of losses, threatening the gauge's fourth straight week of gains.

Analysts also cited unease over the hefty gains by equities since March despite a highly uncertain U.S. economic outlook due to the coronavirus that has led to many companies refraining from forecasting earnings. "The escalation in geopolitical tensions has encouraged varying degrees of profit-taking among investors, especially as Chinese equities have rallied quite significantly since the global equities sell-down in March". The U.S. chipmaker reported second-quarter results that topped estimates on Thursday, but also offered downbeat guidance for the third quarter.

These companies helped drive stocks higher in recent months as investors flocked to companies they viewed as relatively shielded from the pandemic's economic damage.

Sentiment took a hit earlier in the day after Beijing ordered Washington to close its consulate in the city of Chengdu, days after US ordered the closure of the Chinese consulate in Houston. The Dow Jones Industrial Average was down 150 points, or 0.6%, at 26,502, as of 9:45 a.m.

The broad-based S&P 500 shed 0.6 per cent to 3,215.63, while the tech-rich Nasdaq Composite Index lost 0.9 per cent at 10,363.18.

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Indexes down: Dow 0.42%, S&P 0.45%, Nasdaq 0.69%. Tech was the biggest percentage loser.

Healthcare lost ground, dropping 1.1 percent ahead of executive orders by US President Donald Trump aimed at lowering drug prices.

Among the market's heaviest weights was Microsoft, which fell 4.3% despite reporting a bigger quarterly profit for the spring than Wall Street expected. Of those, 80.5 percent have cleared a very low bar of analyst expectations. The Dow fell for the first time in four weeks as well. Its shares dropped 2.8 percent.

Rival Advanced Micro Devices Inc gained 13%, but the broader Philadelphia semiconductor index dropped 0.7%. As a result, Nasdaq's valuation has been propelled to a 50.4 price-to-earnings (P/E) ratio as the index hit historic highs this week.

Volume on USA exchanges was 9.57 billion shares, compared with the 11.04 billion average over the past 20 trading days. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

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