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Industrials limit losses on Wall Street


By Medha Singh

(Reuters) - The benchmark 500 index fell on Friday, weighed down by losses in shares of and Applied Materials, although industrial stocks helped limit losses on signs of progress in Sino-U.S. trade talks.

denied it had offered a package to slash the U.S. trade deficit by up to $200 billion, hours after it dropped an anti-dumping probe into U.S. sorghum imports in a conciliatory gesture as top negotiators meet in

A Chinese said the consultations were "constructive" as the world's two biggest economies are seeking to bridge a divide on trade issues.

"The focus today will be on trade talks as denied any reductions in surplus," said Peter Cardillo, at in

tumbled 1.3 percent, weighing the most on the is set to be featured on CBS News' "60 minutes" this weekend.

dropped 9.9 percent after the chip gear maker's disappointing forecast renewed concerns over slowing demand.

The warning dragged down chipmaker index by 1.45 percent, while the dropped 0.31 percent.

The industrial sector jumped 0.42 percent, the most among the 11 sectors, with Boeing's near 2 percent rise giving the biggest lift.

At 10:11 a.m. EDT the was up 3.44 points, or 0.01 percent, at 24,717.42, kept afloat by and other industrial stocks.

The 500 was down 6.53 points, or 0.24 percent, at 2,713.60 and the Composite was down 27.41 points, or 0.37 percent, at 7,355.06.

With 10-year Treasury yields, the benchmark for global borrowing costs, holding above the key 3-percent level and hovering around the $80 per barrel mark, investors have been fretting about their impact on corporate results.

and joined a long list of companies that blamed higher raw material and freight costs for a drop in profit margins.

fell 11.5 percent after its decided to step down and a cut in full-year profit forecast. Shares of a host of other companies also declined.

Deere jumped 4.2 percent after the company raised its full-year earnings estimate.

declined 10.5 percent after the reported same-store sales that missed analysts' expectations.

Declining issues outnumbered advancers for a 1.00-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.08-to-1 ratio on the

The S&P index recorded two new 52-week highs and four new lows, while the Nasdaq recorded 99 new highs and 13 new lows.

(Reporting by in Bengaluru; Editing by Anil D'Silva)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 20:39 IST