U.S. stocks open lower as tech shares decline

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The S&P 500 fell 0.6% and ended the week with its first weekly loss in four weeks.

American Express shares fell 1.3% premarket after the credit-card company reported a large drop in profit from a year earlier and logged provisions of $1.6 billion to cover potential losses.

The Dow Jones Industrial Average on Friday fell 182.44 points, or 0.68 percent, to 26,469.89, the S&P 500 lost 20.03 points, or 0.62 percent, to 3,215.63 and the NASDAQ Composite dropped 98.24 points, or 0.94 percent, to 10,363.18.

Of the 11 major sectors in the S&P 500 on Friday, all but consumer discretionary closed in the red.

Technology and health care companies accounted for much of the selling, with chipmaker Intel posting the biggest drop in the S&P 500.

The week has been marked by big swings among shares of individual companies and a rotation between some of the market's recent winners and losers. Other stock indexes around the world were mixed, while all the uncertainty dominating markets helped gold rise again to its highest price in almost nine years. The uncertainty helped gold rise to a record closing high of nearly $1,900 an ounce, beating the all-time high it set in 2011.

USA jobless claims unexpectedly ticked higher to 1.416 million last week, the Labor Department said. It's a relatively rare stumble for the giant, which has cruised higher through much of the pandemic on expectations that it can continue to grow whether the economy is locked down or not.

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Because Microsoft is the largest or second-largest US stock by market value, depending on the day, its movements have outsized sway on indexes like the S&P 500.

Smaller stocks held up better, and the Russell 2000 index of small-cap stocks was virtually unchanged. Extra benefits for those out-of-work Americans from the federal government are set to expire soon, and worries are rising about whether Congress can reach a deal on more aid for the economy.

Gold Futures for August delivery was up 0.53% or 9.95 to $1899.95 a troy ounce. But other risks are also bubbling up, headlined by Friday's worsening relations between the United States and China.

Investors had their attention focussed on Capitol Hill on Monday, with lawmakers kicking off negotiations on new stimulus measures to help the USA economy through the Covid-19 downturn.

(MENAFN - Baystreet.ca) Stocks fell on Friday, adding to a sharp decline from the previous session, as tensions between the USA and China keep rising and tech shares struggled once again.

Haliburton shares were up 4.35% in early trading despite posting a $1.7bn loss for the second quarter, while shares in Cal-Maine Foods were up 0.23% after topping earnings estimates but falling short on revenues.

Oil prices lost 14 cents to $40.93 USA a barrel. Brent crude, the worldwide standard, slipped 8 cents to $44.21 per barrel. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.

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