Equityworld Futures:BURSA AS Technology Sector Strengthening Banking Sector shadow, Wall Street Closed Mixed

Equityworld Futures-US stocks closed mixed, with the weakening of the technology sector overshadowing gains in banking and energy.

The broader Standard & Poor's 500 closed down 0.35% or 7.73 points to 2191.08 position, while the Dow Jones Industrial Average closed up 0.36% or 68.35 points to 19191.93.
Wall Street US stocks - Reuters / Carlo Allegri

The tech sector has lagged during the post-election rally that pushed the banking sector at its highest level since February 2008 amid speculation the selection of cabinet Donald Trump will menandakat reduction in financial sector regulation.

Meanwhile, shares associated with crude oil rose triggered by OPEC's agreement to cut crude oil production.

Equityworld Futures : Gold prices fall after spike in Crude Oil Lifting Bond Yields

Trump trade policy may have the potential to harm large capitalization issuers technology. The sector fell following reports that Apple Inc. began reducing orders from suppliers iPhone 7. Apple shares fell 0.93%, while shares of IBM Corp. and Microsoft Corp. dropped 1.5% respectively.

"There is a potential rise in interest rates due to a larger deficit, and it caused some sensitive sectors come under pressure," said Bill Schultz, chief investment officer at McQueen, Ball & Associates Inc., as quoted by Bloomberg.

"On the other hand, there is positive sentiment on oil stocks as well as from increased infrastructure spending," he continued.

Investors' attention will turn to data on non-farm payrolls due on Friday for clues on the strength of the US economy as well as the rate of increase in interest rates. The probability of a US interest rate hike in December touched 100%, up from 68 percent in early November.

Among other actively traded stocks, shares of General Motors Co. gained 5.5% and Ford Motor Co. rose 3.9% after reporting sales that topped analysts' estimates.

Meanwhile, shares of ConocoPhillips, Marathon Oil Corp. and Whiting Petroleum Corp. rose more than 2.4% after OPEC agreed to cut production for the first time since 2008.




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