How major United States stock indexes fared Thursday Consumer News

Turkish lira update market drop

With the second-quarter US 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.

In small-caps, the Russell 2000 closed at 1,686.75 for a loss of -4.14 points or -0.24%.

Microchip Technology shares fell 10.9 per cent after a disappointing second-quarter revenue forecast.

"Investors are more comfortable with FAANG stocks and technology as far as valuations go, and these stocks have higher margins", Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois, told Reuters. You worry about the effects on Europe.

Brent crude futures fell 8 cents to $72.20 a barrel and US crude futures were down 2 cents at $66.92 a barrel.

But all three ended the day in the red: the Dow fell 196.09 points (0.77 per cent) to 25,313.14 while the S&P and Nasdaq shed 20.30 points (0.71 per cent) and 52.67 points (0.67 per cent) respectively to finish at 2,833.28 and 7,839.11. The S&P is also less than half a percent shy of the record it hit in late January. The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares.

"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia.

Shares of trade-sensitive companies declined, with Boeing, 3M and Caterpillar down between 2.3 percent and 4 percent. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric vehicle maker private, according to data from financial technology and analytics firm S3 Partners.

Economic data showing United States consumer inflation rose steadily in July, supporting the case for another interest rate hike next month by the Federal Reserve.

Declining issues outnumbered advancers for a 1.63-to-1 ratio on the NYSE and for a 1.06-to-1 ratio on the Nasdaq.

About 5.9 billion shares changed hands on USA exchanges.

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