By Shreyashi Sanyal
(Reuters) - The Nasdaq fell on Wednesday, weighed down by a drop in Apple and other companies on fears of further regulation, while a rise in energy stocks and a report of fresh U.S.-China trade talks helped keep the S&P afloat and boosted the Dow Industrials.
The markets had gotten off to a weak start as shares of six major web and internet service companies, including Apple, slid after their executives were scheduled to detail their consumer data privacy practices to a U.S. Senate panel on Sept. 26.
Apple was down 0.6 percent. Twitter, Alphabet and Amazon.com, among the companies to testify, were between flat to down 4 percent. Facebook, not among the six companies to testify, was down 1.6 percent.
"Headlines like the Senate hearing does add this element of regulatory risk to Apple and Amazon which is what could be driving them lower right now," said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management in Horsham, Pennsylvania.
Also helping boost the market was the energy sector, which jumped 0.99 percent as oil prices gained due to growing concerns over global supply. [O/R]
At 11:43 a.m. ET the Dow Jones Industrial Average was up 134.31 points, or 0.52 percent, at 26,105.37, the S&P 500 was up 1.13 points, or 0.04 percent, at 2,889.02 and the Nasdaq Composite was down 39.50 points, or 0.50 percent, at 7,932.98.
Micron declined 5.2 percent, the most on the S&P. Chip equipment makers were hit the hardest, falling in a range of Applied Materials' 2.3 percent drop and Entegris's 4.9 percent slide.
Gilead Sciences rose 2.2 percent after its rheumatoid arthritis drug, being developed jointly with Galapagos NV, met the main goal of a study.
Advancing issues outnumbered decliners by a 1.32-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.51-to-1 ratio on the Nasdaq.
The S&P index recorded 27 new 52-week highs and six new lows, while the Nasdaq recorded 58 new highs and 69 new lows.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)