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 September 12, 2018 - 10:17 AM EDT
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Chipmakers cap gains, stocks move hardly at all

Chipmakers cap gains, stocks move hardly at all

Stocks were little changed on Wednesday as a fall in chipmaker shares and lingering trade concerns capped gains in the market.

The Dow Jones Industrial Average was fixed upward 38.01 points to 26,009.07, as Chevron and Exxon Mobil outperform.

The S&P 500 lost 1.38 points to 2,886.51, as losses in tech offset a 1% jump in energy.

The NASDAQ weakened 46.3 points to 7,926.18. Shares of Micron dropped more than 3% after Goldman Sachs downgraded them to neutral from buy, citing a "snowballing" decline in memory-chip demand.

Shares of Dow-member Intel fell nearly 1% while Applied Materials gave way 3.7%, and Lam Research pulled back 2.6%.

Tech shares have also fallen amid increasing regulatory pressure toward social media companies, especially Facebook and Twitter. Facebook shares slipped 1.3% while Twitter dropped 2.5%.

Tech's decline this month has pushed equities away from all-time highs reached late in August, along with ongoing worries over global trade.

China will seek permission from the World Trade Organization to inflict sanctions upon the U.S. as tensions between the two largest global economies continue.

Prices for the benchmark for the 10-year U.S. Treasury gained ground, weighing down yields to 2.96% from Tuesday's 2.98%. Treasury prices and yields move in opposite directions.

Oil prices gained 92 cents to $70.17 U.S. a barrel.

Gold prices fell $1.10 to $1,201.10


Source: Livemoney (September 12, 2018 - 10:17 AM EDT)

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