By Medha Singh
(Reuters) – US stocks were dipped on Wednesday as disappointing forecasts from video players drove the communications sector lower, but a boost from technology companies kept the indices close to two months high.
Electronic Arts Inc (NASDAQ 🙂 deleted 1
Activision Blizzard Inc (NASDAQ:) also fell 8.7 percent.
Leading technology gains were Skyworks (NASDAQ 🙂 Solutions Inc, an increase of 14.2 percent after the analog semiconductor manufacturer announced a $ 2 billion repayment. The gains also pushed the Philadelphia coupon index to 3.11 percent.
Investors focus on earnings and next big things, it's trading, says Peter Cardillo, market economist at Spartan Capital Securities in New York.
"There is no enthusiasm for yesterday night's messaging state, and the reason is that investors are concerned about political struggle and it's about."
On Tuesday, the President outlined his political priorities for the year and repeated his pledge to build a wall along the borders between the United States and Mexico. His reference to the deadline of 15 February for a budget deal also reminded investors that another closure was not fully off the table.
US Treasury Secretary Steven Mnuchin told CNBC that there was progress in trade negotiations in the US and China, but there was still a lot of work to be done before another round of meetings next week to push for an agreement by March 2.
Optimism about a possible trade trick between the US and China and the Federal Reserve's signal to end its monetary policy measures has now set them about 7 percent from its record high in September.
Revenue has also contributed to market optimism. About 71 percent of more than half of the S&P 500 companies that reported earnings have peaked profit expectations, according to IBIN data from Refinitiv.
At 9:56 pm ET was down 37.22 points, or 0.15 percent, at 25.374.30, S & P 500 was down 2.80 points, or 0.10 percent, at 2.734.90 and that was 2.07 points, or 0.03 percent, of 7,400.02.
The communications services sector fell 0.62 percent, and most of the 10 largest S&P sectors are trading lower.
Capri Holdings Ltd, formerly Michael Kors, jumped 11.5 percent after adding better than expected quarterly earnings and increasing its full-year sales.
Also on deck is Fed Mayor Jerome Powell's address at. 7.00 pm ET (0000 GMT) in Virginia.
Falling Problems Excluded Promoters for a 1.37-to-1 relationship on the NYSE. Accelerated problems were decliners for a 1.06 to 1 ratio on Nasdaq.
The S & P index recorded five new 52-week highs and two new downs, while the Nasdaq recorded 17 new heights and eight new downs.
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