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Stocks fell on Wall Street as weakness in technology companies continues to drag on the market.
The S&P 500 slipped 0.3 per cent in afternoon trading. The tech-heavy Nasdaq gave up 0.8 per cent and the Dow Jones slipped 0.2 per cent. The Australian sharemarket is set to open lower, with futures at 4.57am AEDT pointing to a fall of 20 points, or 0.3 per cent, at the open. The ASX lost 0.7 per cent on Wednesday.
Wall Street is on its way to another losing session.Credit: Reuters
Palo Alto Networks was a big loser and a particularly heavy weight on the technology sector. The network security company lost a quarter of its value after giving forecasts for future billings that came in well below what analysts were looking for. Its rival, Fortinet, slumped 4.8 per cent.
Amazon rose 0.4 per cent following an announcement that it would be added to the Dow. Walgreens Boots Alliance, which is leaving the Dow, fell 1.7 per cent
Bond yields remained relatively steady. The yield on the 10-year Treasury rose to 4.30 per cent from 4.28 per cent late Tuesday.
Markets were mostly higher in Europe and mixed in Asia.
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Earnings remained the big focus for Wall Street. Nvidia will report its highly anticipated results later in the day. The chipmaker has tripled over the past year thanks to a surge in investor enthusiasm over artificial intelligence.
Several other companies made big moves following the release of their financial results. Electronic measurement technology company Keysight Technologies fell 7.4 per cent after its profit forecast fell short of analysts’ expectations. Garmin, which makes personal navigation devices, jumped 10.2 per cent after beating earnings forecasts.
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