How major United States stock indexes fared Thursday

Dow Jones Industrial Average fall on weak energy stocks

Dow Jones Industrial Average fall on weak energy stocks

The S&P technology index fell 0.8 per cent, with Intel down 2.6 per cent after Goldman Sachs downgraded the stock to "sell".

The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 per cent below its record high from January 26.

"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.

Walt Disney fell 1.6 percent after its quarterly profit missed estimates as new technology costs rose. That was a drop of 0.7 percent from Thursday's close. You worry about the effects on Europe.

The Dow Jones Industrial Average fell 74.52 points, or 0.29 per cent, to 25,509.23, the S&P 500 lost 4.12 points, or 0.14 per cent, to 2,853.58 and the Nasdaq Composite added 3.46 points, or 0.04 per cent, to 7,891.78.

The S&P 500 is up 179.97 points, or 6.7 percent. Tribune shares rose 2.9 percent.

Chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry saying upside to estimates is hard to come by.

Erdogan vows to defy US 'threats'
Washington has "upset" Turkey with its "unilateralism and disrespect", Turkish President Recep Tayyip Erdogan said at a rally. The United States is the biggest destination for Turkish steel exports, with 11 percent of the Turkish export volume.

"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia.

Shares in trade-sensitive companies fell.

Tesla had closed up 11 percent on Tuesday after Chief Executive Elon Musk said he was considering taking the company private.

Economic data showing United States consumer inflation rose steadily in July, supporting the case for another interest rate hike next month by the Federal Reserve.

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 S&P index recorded 13 new 52-week highs and two new lows, while the Nasdaq recorded 42 new highs and 27 new lows. Beijing announced Wednesday it would counter the most recent round of US tariffs with its own.

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