U.S. stocks trade lower as chips lag

Source: Xinhua| 2019-08-10 00:20:29|Editor: huaxia
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NEW YORK, Aug. 9 (Xinhua) -- U.S. stocks traded lower on Friday as chip shares led the decline.

At midday, the Dow Jones Industrial Average was down 213.23 points, or 0.81 percent, to 26,164.96. The S&P 500 erased 30.43 points, or 1.04 percent, to 2,907.66. The Nasdaq Composite Index lost 109.04 points, or 1.36 percent, to 7,930.12.

All of the 11 primary S&P 500 sectors declined. Technology and consumer discretionary sectors shed 1.82 percent and 1.31 percent, respectively, the top two laggards.

Skyworks Solutions, Micron Technology, and Advanced Micro Devices were traded at 4.24 percent, 3.61 percent and 0.44 percent lower, respectively.

Investors remained concerned that the U.S.-China trade tensions could escalate and affect an already slowing global economy throughout the week after U.S. President Donald Trump announced that he would place an additional 10 percent tariff on the remaining 300 billion U.S. dollars worth of Chinese imports starting on Sept. 1.

Analysts said the U.S. economy would be more directly impacted since the new tariff would target retail items along with other consumer goods. The tariff would also drag on corporate confidence, capital expenditures and global growth in the near term.

On the earnings front, Uber reported quarterly earnings results that missed market expectations.

The ride-hailing platform registered diluted net loss of 4.72 U.S. dollars per common share on revenue of 3.17 billion dollars. Its shares were down 5.92 percent on Friday. Enditem