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Tech Stocks Weigh on Wall Street after Weak Intel Results


Friday, 26 April 2019 23:20 WIB

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U.S. stocks edged lower on Friday as technology shares were hit by Intel's dour results, while investors assessed data that showed domestic growth was boosted by temporary factors in the first quarter.

The Commerce Department said gross domestic product increased at a 3.2 percent annualized rate, lifted by trade and the largest accumulation of unsold goods since 2015, factors that are likely to reverse in the coming quarters.

However, consumer and business spending slowed sharply, and investment in homebuilding contracted for a fifth straight quarter, giving the report a weak tone.

Intel Corp slumped 9.9% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business.

At 10:58 a.m. ET the Dow Jones Industrial Average was down 17.60 points, or 0.07%, at 26,444.48, the S&P 500 was down 0.47 points, or 0.02%, at 2,925.70 and the Nasdaq Composite was down 21.01 points, or 0.26%, at 8,097.67.

Source : Reuters


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