US STOCKS-Tech titans drag Wall St lower as virus cases mount
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* Disney falls after postponing “Mulan” release indefinitely
* Intel hits four-month low
* Goldman Sachs up after $3.9 bln settlement for 1MDB dispute
* Indexes down: Dow 0.41%, S&P 0.58%, Nasdaq 1.32% (Updates to open)
July 24 (Reuters) - Wall Street’s main indexes dropped on Friday as Sino-U.S. tensions and fears over rising COVID-19 cases weighed on investor sentiment, erasing all gains for the benchmark S&P 500 index this week.
Technology stocks were the biggest drag on all the three main indexes with high-flying companies Apple Inc, Amazon.com Inc and Microsoft Corp, which were pivotal in driving the stock market’s recovery in recent months, down between 0.8% and 1.9%.
The technology index fell 1.6%, more than any other S&P sector.
For three straight days, the United States recorded more than 1,100 deaths related to the novel coronavirus on Thursday, which has infected about 4 million Americans.
Walt Disney Co postponed the debut of its movie “Mulan” indefinitely, sending its shares down 0.4%.
Intel Corp tumbled 16.9% after the company said it was six months behind schedule in developing next-generation, power-efficient chip technology and that it would consider farming out more work to outside semiconductor foundries.
Rival Advanced Micro Devices Inc gained 11.6%, but the broader Philadelphia semiconductor index dropped 1.3%.
The S&P 500 pulled back from a five-month high on Thursday, weighed down by losses in technology stocks, a surprise increase in U.S. jobless claims and Washington’s tug-of-war over stimulus measures.
At 10:08 a.m. ET, the Dow Jones Industrial Average was down 109.47 points, or 0.41%, at 26,542.86, the S&P 500 was down 18.68 points, or 0.58%, at 3,216.98. The Nasdaq Composite was down 138.00 points, or 1.32%, at 10,323.42.
Of the 113 S&P 500 companies that have reported quarterly results, 77% of them have beaten dramatically lowered profit estimates, according to IBES Refinitiv data.
Credit card issuer American Express Co slipped 0.6% after it reported an 85% slump in quarterly profit.
The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 10 new highs and 10 new lows.