US shares close lower
Tech secrtor weighs
Economic growth better than expected
Crude lower
US stocks closed lower on the day as traders got jittery on shares.
The main weakness was in the tech sector. Amazon.com (NASDAQ:AMZN) shares lost over 4% to US$1,431.42
It came after a report emerged that President Donald Trump indicated he wanted to rein in the company.
Microsoft Corp (NASDAQ:MSFT) shares lost 0.09% at US$89.39.
The Nasdaq closed over 59 points down at 6,949.
The S&P 500 shed 7.62 to 2,605.
The Dow Jones Industrial Index shed around nine points to 23,848.
US crude - West Texas Intermediate - shed 0.89% to US$64.67 a barrel.
In Toronto, the TSX lost 42 points at 15,174.
Wall Street Instant Update; #Stocks close slightly lower on the Dow down 9 at 23,848, tech stocks again weigh on the Nasdaq -59, and the S&P -8;
Amazon down 4.4%
— Marshall Moore (@MooreToTheStory) March 28, 2018
MID-SESSION
US stocks were mixed at mid-session with the Dow Jones and S&P 500 higher but the tech sell-off continuing to hit the Nasdaq.
The Dow is up around 86 points at 23,944, while the S&P 500 is ahead by around five at 2,617.
The Nasdaq is down around 19 points at 6,989.
It comes after new figures showed that the US economy grew by 2.9% in the fourth quarter of 2017, revised up from an earlier reading of 2.5% growth, reflecting the biggest increase in consumer spending in three year.
Economists had forecast an annualised reading of 2.8%.
But the US tech sector was under pressure once again, having precipitated a near 345 points slide by the Dow on Tuesday, extending a recent bout of weakness that has made it one of the worst-performing sectors in March.
In oil, US crude shed 1.85% to US$64.03 a barrel.
In Toronto, the TSX is down over 21 points at 15,194, while the venture exchange is off around 19 at 782.
Gold miners were the biggest drag on the materials sector with First Quantum Minerals (TSE:FM), Barrick Gold (NYSE:ABX), Teck Resources (NYSE:TECK) falling more than 2% each as gold eased from Tuesday's near six-week highs.
The energy sector was also down in Toronto as oil prices slipped from this year's peaks after a report showed a surprisingly large increase in US crude inventories.
On Wall Street, RH (NYSE:RH) shares added over 21% to US$91.79 after the company reported better-than-expected earnings for its fourth quarter and issued strong 2018 earnings guidance.
Ever-Glory International Group Inc (NASDAQ:EVK) added 10.45% following its fourth quarter numbers.
Meanwhile, in the losing camp was Geron Corporation (NASDAQ:GERN), which shed nearly 18% to US$4.23 after it shed nearly 14% on Tuesday.
OPEN
US stocks were lower in early deals, with the Dow Jones down over 64 at 23,793.
The S&P 500 was off around nine points at 2,604.
The tech heavy Nasdaq shed around 71 points at 6,936.
US crude is off 0.67% to US$64.83 a barrel.
Among the biggest fallers on the day was financial stock Franklin Resources Inc (NYSE:BEN), which tanked 9.7% to US$33.97 on the day.
Another big loser was Edge Therapeutics Inc (NASDAQ:EDGE), which lost over 90% to US$1.52 after negative clinical trial news.
The share slump came after a data monitoring committee recommended that a phase 3 study of the biotech's treatment for adults with brain haemorrhage be stopped because data showed the trial had a "low probability" of meeting its primary endpoint.
Based on this, the company said it has decided to discontinue the NEWTON 2 study.