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Nasdaq finishes lower in tech sell-off as rest of markets mixed while treading water

Last updated: 16:10 05 Sep 2018 EDT, First published: 02:18 05 Sep 2018 EDT

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A sell--off in technology shares dragged the Nasdaq exchange into a lower close on Wednesday, with the rest of the US financial markets drifting to a quiet conclusion to the session. 

The Nasdaq declined around 120 points or by 1.5% to close at 7,518.

Shares of Facebook Inc (NASDAQ:FB) and Twitter Inc (NASDAQ:TWTR) fell as its executives appeared before the US Congress over election meddling through their platforms.

The Dow Jones Industrial Average was the only major US index to escape finishing in the red, rising a bare 0.09% to end at 25,974. 

The S&P 500 was down 0.28% to close at 2,888.

The small-cap Russell 2000 was off 0.37% to conclude at 1,727.

In Canada, the TSX fell 0.11% to settle at 16,144, depressed by tech and energy stocks.

1:39 PM: Tech shares weigh down the Nasdaq while Caterpillar lifts the Dow

Tech sell-offs weighed on the US benchmarks in Wednesday afternoon trading.

The Nasdaq sank around 75 points, or nearly one percent.

Shares of Facebook Inc (NASDAQ:FB) and Twitter Inc (NASDAQ:TWTR) fell as its executives appeared before US Congress to address concerns of election meddling via their platforms.

Netflix Inc (NASDAQ:NFLX) was another top decliner in tech, falling nearly 4% to US$349.53.

The S&P 500 was down by about 6 points.

The Dow Jones Industrial Average was the only major US index to escape the red, seeing a more than 40-point boost.

Bellwether Caterpillar Inc (NYSE:CAT) was a top gainer on the index, jumping around 2% to US$141.06.

The Russell 2000 was down slightly. Vera Bradley Inc (NASDAQ:VRA) was a top gainer on the small-cap index following its strong second-quarter earnings.

Up north, the TSX fell more than 30 points, dragged down by tech and energy stocks.

10:00 AM: US stocks open lower as US-Canada trade battles hit markets

US stocks opened on the backfoot on Wednesday as the resumption of the trade battle between the US and Canada still weighed on the markets.

Representatives from the two countries will meet today to attempt to work out their differences and sign a trade deal. The second reunion comes after the US and Canada failed to reach a deal last week that would supplant the current North American Free Trade agreement

Early in the session, the Dow Jones Industrial Average Index shed 42 points to 25,910, led lower by Visa Inc, Chevron Corp, Intel, Cisco Systems Inc, Boeing and Walt Disney.

The S&P 500, meanwhile, clung closer to the baseline, losing 5 points to hover at 2,891, pushed back by a 5.5% drop in shares of the oilfield services provider Halliburton which expects a slowdown I the ramp-up of its new Middle East contracts to hit its third-quarter profit.

Elsewhere, the tech-laden Nasdaq lost nearly 34 points to 8,057, dragged back by JD.com, Workday Inc, Net Ease Inc, MercadoLibre and Seagate Technology Plc. And the Russell 2000 index of small-cap stocks also fell by 7 points to 1,733.

Up in Canada, Toronto’s TSX shed nearly 17 points to 16,144 as anxiety over the lack of a US-Canada trade pact persisted.

Investors are also rattled by the expectation that the White House is likely to slap tariffs on an added US$200bn worth of Chinese imports in the coming days.

7:18 AM: US stocks set to head lower as trade tensions continue to hit sentiment: European indices down

US stocks are poised to head lower at the open mid-week after a lower finish yesterday as the big gains made in August appear to become a distant memory.

Trade tensions are still causing the big dent in sentiment.

The US and Canada are scheduled to resume tricky NAFTA trade negotiations Wednesday, while tariffs on another US$200bn of Chinese goods could be put in place as soon as Thursday.

The Dow Jones Industrial Average index closed Tuesday around 12 points lower at 25,952, while the tech heavy Nasdaq shed around 18 at 8,091.

The S&P 500 closed down near five points at 2,896.

Today, in futures trade, the Dow Jones is down 111 points, while the Nasdaq is down 27 and the S&P 500 is lower by 9.5.

In European stocks, the FTSE 100 is off around 31 points this morning in London; the German DAX and French CAC 40 are also down.

Traders are also cautious in London as reportedly UK prime minister Theresa May is to make an emergency statement to parliament at noon today.

Connor Campbell, financial analyst at spreadbetter Spreadex, said: "The European session got progressively uglier as Wednesday went on, with fears of contagion from the troubled emerging markets, the prospect of Trump upping the ante re. the US-China trade war later in the week, and an ominous UK services PMI shaking investors’ confidence."

In Asia overnight, the Nikkei 225  shed around 116 points, while the  Shanghai Composite Index  lost around 46 to 2,704.

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