Published: Mon, August 13, 2018
Markets | By Jeffery Armstrong

US Market Indexes Close With Losses on Friday

US Market Indexes Close With Losses on Friday

Stocks in the USA and Europe skidded Friday as investors anxious about the financial stability of Turkey and how it might affect the global banking system. The S&P financial index.SPSY was down 0.6 percent.

"We seem to be able to put trade worries on the back burner and focus on second-quarter results, which have been significantly positive", said Art Hogan, chief market strategist at B. Riley FBR in NY.

The S&P 500 and Dow ended down slightly on Thursday as gains in Apple (AAPL.O) and Amazon (AMZN.O) were offset by losses in energy and financial shares.

The Dow Jones Industrial Average fell 108.04 points, or 0.42 per cent, at the open to 25,401.19.

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Microchip Technology shares fell 10.9 per cent after a disappointing second-quarter revenue forecast.

The biggest drag on the S&P 500 was Booking Holdings (BKNG.O), which fell 5 percent after it forecast third-quarter profit below expectations.

Meanwhile, concerns over escalating trade conflict between the USA and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day. The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares.

Shares in leading United States banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric auto maker private, according to data from financial technology and analytics firm S3 Partners.

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Data on Friday showed USA consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.

About 6.7 billion shares changing hands on US exchanges.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favoured advancers.

The Nasdaq Composite Index increased 4.66 points, or 0.06 per cent, to 7,888.33. Excluding the energy sector, the earnings growth estimate declines to 20.4 per cent.

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