NEW YORK (Commodity Online): US stock markets weaken on Friday on weaker-than-expected results from leading IT companies and realty majors. Crude prices remained under pressure owing to the downward guidance for economic growth for the current fiscal.
The stocks were in red for the third consecutive day on the US stock markets. After the benchmark S&P 500 index has jumped 20 percent so far this year, investors were reassessing the global economic outlook and saw few reasons to make big bets.
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US crude traded at USD 77 per barrel down by close to 0.5%. Some of the key stocks traded in red today. US-based computer maker, Dell Inc (DELL.O), the No. 3 personal computer maker, slid 9.8 percent to USD 14.32 a day after it reported a 54 percent drop in third-quarter profit and sales that missed estimates.
Investors have been watching the technology sector closely after a big run-up, with the S&P information technology sector .GSPT soaring more than 70 percent from its March lows.
The technology sector has been expected to share better than others as the recovery takes hold. But on Thursday, tech shares were pummeled after an analyst made bearish comments on semiconductors.
The Dow Jones industrial average lost 47.83 points, or 0.46 percent, to 10,284.61, while the Standard & Poor's 500 Index fell 6.89 points, or 0.63 percent, to 1,088.01. The Nasdaq Composite Index dropped 18.21 points, or 0.84 percent, to 2,138.61.
