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US stocks end lower as tech, financial shares fall

IANS  |  New York 

US equities closed lower, pressured by the losses in tech and banks shares.

The fell 43.68 points, or 0.17 per cent, to 26,004.83 on Wednesday. The S&P 500 was down 5.88 points, or 0.20 per cent, to 2,879.84. The decreased 29.85 points, or 0.38 per cent, to 7,792.72, reported.

Shares of and slid 2.32 per cent and 1.27 per cent, respectively, among the worst performers in the Dow. The S&P 500 financials sector declined 0.95 per cent.

Major chip stocks underperformed, weighing on the tech sector. Shares of slumped 5.29 per cent, while dropped 2.32 per cent. VanEck Vectors ETF (SMH), which tracks the overall performances of in the industry, closed down 2.17 per cent.

On the economic front, the U.S. consumer price index for all urban consumers increased 0.1 per cent in May on a seasonally adjusted basis after rising 0.3 per cent in April, the reported.

The closely-watched core inflation that strips out and also advanced a scant 0.1 per cent last month.

The muted inflation data came as investors increasingly speculate on interest rate cuts from the Federal Reserve.

Market expectations for lower rates by July were at 85.3 per cent on Wednesday, according to the CME Group's tool.

--IANS

vin/

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

First Published: Thu, June 13 2019. 05:40 IST
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