US stocks little change; tech rally stalls

Published: May 12, 2018 11:58:42 | Updated: May 14, 2018 13:42:32

File Photo (Reuters)

US stocks little changed on Friday as technology stocks fell after a six-day rally, while healthcare shares rose.

The tech sector was down 0.4 per cent, as Apple dropped after a nine-day winning streak that saw it edge closer to $1 trillion in market capitalisation, reports Reuters.

Nvidia fell 1.5 per cent as investors worried that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining its core business with computer gamers.

The Nasdaq biotech index was up 1.0 per cent, while the S&P healthcare index rose 0.4 per cent ahead of Trump’s speech.

The president is expected to address high drug prices and barriers to negotiating lower prices for seniors in the Medicare programme.

However, the policy proposals will have a relatively modest impact on the healthcare system, health industry sources briefed on the plans told Reuters.

At 12:53 pm EDT the Dow Jones Industrial Average was up 47.55 points, or 0.19 per cent, at 24,787.08, the S&P 500 was up 0.82 points, or 0.03 per cent, at 2,723.89 and the Nasdaq Composite was down 18.02 points, or 0.24 per cent, at 7,386.95.

The Dow edged above 100-day moving average for the first time since April 18, following the S&P’s similar move a day earlier, suggesting that the market may move higher.

Symantec slumped 33.6 percent after the Norton Antivirus maker said it was investigating concerns raised by a former employee.

Advancing issues outnumbered decliners by a 1.15-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.08-to-1 ratio on the Nasdaq.

The S&P index recorded 28 new 52-week highs and 2 new lows, while the Nasdaq recorded 116 new highs and 44 new lows.

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