Economic news

U.S. stocks sink after latest batch of corporate earnings

U.S. major stock indexes dropped in morning deals on Friday on slump in technology stocks and as energy firms were dragged down by lower crude prices after President Donald Trump said OPEC is keeping prices artificially high.

Photo: Reuters

The Dow Jones Industrial Average slipped 0.12 percent, to 24,634.08, the S&P 500 sank 0.21 percent, to 2,687.42 and the Nasdaq Composite inched down 0.60 percent, to 7,194.55.

Apple Inc. shares fell 3.2 percent after the world's leading manufacturer of chips on order Taiwanese company Semiconductor Manufacturing Co. downgraded the forecast of revenue in the second quarter, which is due to a slowdown in the global smartphone market.

Schlumberger Ltd. lost 1,8 percent, though the company doubled its net profit in January-March and raised revenue.

Shares in General Electric Co. jumped 4.8 percent. Twitter Inc. rose 3.9 percent.


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