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Trade optimism, energy stocks lift Dow; tech slide hits Nasdaq


By Shreyashi Sanyal

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

has proposed a new round of trade talks with before the implements additional tariffs on Chinese imports, reported.

The trade-sensitive industrials sector gained on the and was last up 0.56 percent. rose 2.6 percent and 0.9 percent.

The markets had gotten off to a weak start as shares of six web and companies, including Apple, slid after their executives were scheduled to detail their consumer data privacy practices to a U.S. panel on Sept. 26.

was down 0.6 percent. Twitter, and 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.

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.

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

The fell -0.60 percent, the most among the 11 500 sectors.

Also helping boost the market was the energy sector, which jumped 0.99 percent as gained due to growing concerns over global supply. [O/R]

At 11:43 a.m. ET the was up 134.31 points, or 0.52 percent, at 26,105.37, the was up 1.13 points, or 0.04 percent, at 2,889.02 and the Composite was down 39.50 points, or 0.50 percent, at 7,932.98.

The index was down -2.13 percent after became the latest brokerage to warn of lower prices for due to an oversupply of DRAM and

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.

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

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.

(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. 21:25 IST