Wall Street plunges as tech share drags down markets

Published: July 28, 2018 10:43:53 | Updated: July 31, 2018 11:07:10

File Photo (Collected)

Wall Street’s major indexes declined on Friday as weak earnings reports from major technology companies led to a big drop for the sector.

The Dow Jones Industrial Average fell 75.74 points, or 0.3 per cent, to 25,451.33, the S&P 500 lost 18.6 points, or 0.66 per cent, to 2,818.84.

The Nasdaq Composite dropped 114.77 points, or 1.46 per cent, to 7,737.42, reports Reuters.

Intel sank 8.9 per cent after its fast-growing data centre business missed estimates amid faced stiff rivalry from Advanced Micro Devices. AMD rose 0.7 per cent.

Twitter’s shares plunged 19.4 per cent after reporting fewer-than-expected monthly active users and warning of further drops as it deletes phony accounts.

The technology sector fell 2.48 per cent, the most among the major S&P sectors.

Microsoft and Google’s parent Alphabet fell 2.9 per cent and 3.0 per cent, respectively. Both companies had reported upbeat quarterly results in the past two weeks.

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