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Tech stocks weigh on Wall Street, energy stocks help cut losses


By Shreyashi Sanyal

(Reuters) - The benchmark 500 and the were flat on Wednesday, as gains in companies helped offset a slide in technology stocks, which weighed on the Nasdaq.

Shares of Apple, Twitter, and fell between 0.8 and 2.8 percent after executives at these companies, among others, were asked to testify about consumer data privacy before a S. Senate panel on Sept. 26.

weighed the most on the three 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 three new models.

The slid 0.88 percent, the most among the 11 500 sectors. The sector jumped 0.76 percent as hovered near $80 per barrel on growing concerns over global supply.

was up 1.6 percent, also helped by HSBC's upgrade for the stock and rose 0.7 percent.

At 10:08 a.m. ET the was up 33.54 points, or 0.13 percent, at 26,004.60, the was down 1.57 points, or 0.05 percent, at 2,886.32 and the was down 46.01 points, or 0.58 percent, at 7,926.47.

The index was down 2.51 percent after companies related to came under pressure after warned of lower prices for such chips due to an oversupply of DRAM and

fell 5 percent, the most on the S&P, after cut its rating on the stock. Chip equipment makers slid, led by a 5.3 percent drop in and a 4.3 percent drop in

rose 3 percent, the most on the S&P, after its rheumatoid arthritis drug, being developed jointly with Galapagos NV, met the main goal of a study.

Nielsen was up 3.9 percent after the TV ratings provider said it will expand a review of strategic options to include a sale of the entire TV ratings company.

The Federal Reserve's "Beige Book", a summary of the state of S. businesses across the central bank's 12 regional districts for the month of August, is expected at 2 p.m. ET (1800 GMT).

Advancing issues outnumbered decliners for a 1.18-to-1 ratio on the NYSE, but declining issues outnumbered advancers for a 1.44-to-1 ratio on the Nasdaq.

The S&P index recorded 21 new 52-week highs and six new lows, while the Nasdaq recorded 46 new highs and 43 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. 19:58 IST