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Tech stocks pressure Wall Street; Apple down ahead of event

Reuters 

By Shreyashi Sanyal

(Reuters) - The fell on Wednesday, weighed down by a drop in on fears of further regulation, while a rise in and a report of fresh U.S.-China trade talks helped keep the afloat and boost Dow Industrials.

Six major web and companies, including Apple, are to detail their consumer data privacy practices to a U.S. panel on Sept. 26, raising the specter of the possibility of stricter regulation.

was down 1 percent, weighing the most on the three major indexes. The stock was trading higher premarket, ahead of an event at 1 p.m. ET (1700 GMT) where the company is expected to launch new models as well as upgrades of other products.

Twitter, and com, among the six companies to testify, were trading between flat and down 4.2 percent.

Facebook, not among the companies to testify, was down 2 percent. The sector fell 0.64 percent.

"Headlines like the hearing does add this element of regulatory risk to and which is what could be driving them lower right now," said Mark Heppenstall, at in Horsham,

The markets got a boost from a report that said has proposed a new round of trade talks with before the implements additional tariffs on Chinese imports.

Also helping was the energy sector, which jumped 0.70 percent as Brent crude price pushed above $80 a barrel due to growing concerns over global [O/R]

At 12:41 a.m. ET the was up 91.95 points, or 0.35 percent, at 26,063.01, the 500 was down 0.60 points, or 0.02 percent, at 2,887.29 and the Composite was down 38.20 points, or 0.48 percent, at 7,934.28.

The index was down 1.8 percent after became the latest brokerage to warn of lower prices for due to an oversupply of DRAM and

slid 5 percent, the most on the S&P. Chip equipment makers were hit the hardest, falling in a range of Applied Materials' 2 percent drop and Entegris's 4.4 percent decline.

The consumer staples sector rose 1.20 percent as jumped 7.2 percent and gained 4 percent.

Traders said that the U.S. Food and Drug Administration's proposed ban on flavored was less harsh than feared.

Advancing issues outnumbered decliners for a 1.29-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.41-to-1 ratio on the

The S&P index recorded 29 new 52-week highs and six new lows, while the Nasdaq recorded 61 new highs and 76 new lows.

(Reporting by in Bengaluru; Editing by and Shounak Dasgupta)

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

First Published: Wed, September 12 2018. 22:31 IST
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