The Wall Street is headed for a weekly decline, as two of the three main stock market indices faltered after rising in the preceding two sessions.
The S&P 500 opened 0.03% or 1.89 points lower at 6,911.46, and the Dow Jones Industrial Average opened 0.27% or 132.65 points lower at 49,251.36. However, the tech-heavy Nasdaq Composite ticked 0.07% higher at open, only to pare gains minutes later and trade 0.26% lower at 23,381.
As of 10:20 a.m. EST, Nasdaq swung to green again to trade 0.12% higher at 23,466.62. S&P 500 traded largely unchanged at 6,908.9 and Dow Jones declined 0.65% to trade at 49,060.99.
Shares of Intel Corp. plunged nearly 15% in the early minutes of trade, dragged by a disappointing quarterly revenue forecast. The company’s chief executive officer, Lip-Bu Tan, stated that the chip-maker is facing manufacturing issues.
Intel’s stock dropped further to trade 16% lower at $45.69 by 10:30 a.m. EST.
The magnificent seven stocks traded mixed with Nvidia Corp. up nearly 2% at $187.67, Apple Inc. down 0.81% at $246, Microsoft Corp. up 2% at $460.97, and Tesla Inc. down 0.15% at $448.60.
Besides this, Google-parent Alphabet Inc. traded flat at $330 while Amazon.com Inc. rose 1.14% to $237.
After the US markets opened, six out of the 11 sectoral indices traded in the green, while five traded lower. Of these, the energy sector led the gains while the real estate sector led the decline.
Among the commodities, spot gold was trading 0.37% higher at $4,954.59 an ounce after the Wall Street opened. In the crude basket, the US West Texas Intermediate futures were trading 3% higher at $61.7 a barrel, whereas the global benchmark Brent Crude traded 2.73% higher at $65.83.
Bitcoin, the largest traded cryptocurrency, fell 0.6% to $88,607.95.
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