Tech stocks take Nasdaq closer to record

Tech stocks take Nasdaq closer to record

The Toronto Stock Exchange's S&P/TSX fell 90.47 points, or 0.55 per cent, to 16,326.51, led lower by the health care, consumer staples and utilities sectors.

The tech-heavy index .IXIC was up 0.31 percent at 7,913.03, barely 0.25 percent away from hitting an all-time high. Shares of Apple rose 0.8 per cent, while those of Amazon were up 0.6 per cent. The pan-European FTSEurofirst 300 index of leading regional shares closed up 0.02 percent, as did the blue-chip EURO STOXX 50.

The S&P index recorded 25 new 52-week highs and TWO new lows, while the Nasdaq recorded 85 new highs and 51 new lows.

With the second-quarter USA earnings season mostly over, investors are turning their attention from solid economic growth and corporate profits to other risks, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.

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.

The slide followed a tweet from US President Donald Trump announcing he was doubling US tariffs on Turkish steel and aluminium.

Erdogan Tells Turks to Buy Crumbling Lira as Trump Turns the Screws
On Friday, Turkey's currency, the Lira , fell as much as 14%, causing the global financial markets to shudder. Financial upheaval risks further destabilizing an already volatile region.

Intel, Micron, Applied Materials and ON Semiconductor fell between 0.1 percent and 3.4 percent.

Turkey's lira touched a record low against the dollar, weakening 4 percent in 24 hours after meetings in Washington looked to have made little progress in mending a row over Ankara's jailing of an American pastor.

The S&P 500 was up 0.59 points, or 0.02 percent, at 2,858.29.

Microchip Technology shares fell 11.6 percent after disappointing second-quarter revenue forecast.

Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners.

About 6.7 billion shares changing hands on USA exchanges. That compares with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.

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