U.S. stocks trade lower as tech shares lag

0 Comment(s)Print E-mail Xinhua, January 15, 2019
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NEW YORK, Jan. 14 (Xinhua) -- U.S. stocks traded on a downbeat note on Monday as major tech shares declined, weighing on the market.

At midday, the Dow Jones Industrial Average fell 108.31 points, or 0.45 percent, to 23,887.64. The S&P 500 was down 13.41 points, or 0.52 percent, to 2,582.85. The Nasdaq Composite Index dropped 52.09 points, or 0.75 percent, to 6,919.38.

Major U.S. tech shares decreased. Apple stock slid about 1.8 percent around midday, leading the laggards in the Dow. Netflix and Alphabet dipped about 1 percent and 0.7 percent, respectively. Facebook also struggled for gains.

Ten of the 11 primary S&P 500 sectors were under pressure, with utilities down about 3 percent, leading the decliners.

Before the opening bell, Citigroup reported weaker-than-expected revenue. Shares of the bank fell more than 1 percent in early trading shortly after the news. But the stock managed to turn positive after the opening bell.

J.P. Morgan Chase, Goldman Sachs and Bank of America are expected to report earnings later this week.

Wall Street sentiment was dented by concerns about poor corporate profits as the new U.S. earnings season kicked off amid a possible slowdown of global growth, experts noted. Enditem

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