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Wall Street little changed as tech rally stalls

Reuters 

By Sruthi Shankar

(Reuters) - The 500 was flat on Friday as fell after a six-day rally, while rose on expectations that Donald Trump's speech on drug prices will largely spare the industry.

The tech sector was down 0.4 percent, as dropped after a nine-day winning streak that saw it edge closer to $1 trillion in market capitalisation.

Also weighing was Nvidia, which fell 1.5 percent as investors worried that a short-term surge in demand for from cryptocurrency miners may be undermining its core business with computer gamers.

The Nasdaq biotech was up 1 percent, while the healthcare rose 0.4 percent ahead of Trump's speech.

The is expected to address high drug prices and barriers to negotiating lower prices for seniors in the programme.

However, the policy proposals will have a relatively modest impact on the healthcare system, health industry sources briefed on the plans told

"We'll see if it's 'buy the rumour and sell the news' though, because what's proposed and what ends up getting through often look completely different. So I'm not going to get excited one way or the other," said JJ Kinahan, at in

At 12:53 p.m. EDT the was up 47.55 points, or 0.19 percent, at 24,787.08, the 500 was up 0.82 points, or 0.03 percent, at 2,723.89 and the was down 18.02 points, or 0.24 percent, at 7,386.95.

The Dow edged above 100-day moving average for the first time since April 18, following the S&P's similar move a day earlier, suggesting that the market may move higher.

"is the best predictor of economic activity. It's natural that we have volatility, modest corrections, but the upward trend is still going to be intact," said Tom Plumb, and chief investment officer of in Madison,

Boosting the Dow was Verizon, which rose 3.2 percent after upgraded the to "overweight", saying 5G opportunity will start to crystallize in the next few months.

slumped 33.6 percent after the Antivirus maker said it was investigating concerns raised by a former employee.

Advancing issues outnumbered decliners by a 1.15-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.08-to-1 ratio on the Nasdaq.

The S&P recorded 28 new 52-week highs and 2 new lows, while the Nasdaq recorded 116 new highs and 44 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 11 2018. 23:01 IST
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