U.S. stocks edged lower in light trading, extending last week's losses, while technology shares outperformed broader benchmarks.
Tech shares had the strongest gains in the S&P 500, up
0.6%. Sector heavyweight Apple gained 2.76% after reports that it would
unveil its next smartphone model next month, and after a favorable
international trade ruling that would ban certain imports from rival
Samsung Electronics.
Tech firms Cisco Systems (+0.97%) and International
Business Machines (+0.58%) were among the top gainers in the Dow
industrials.
Now that 90% of companies in the S&P 500 have reported
second-quarter earnings, firms in the index are on track for 2.2% of
yearly profit growth, a sequential slowdown from the 3.4% of growth
reported in the first quarter.
In other corporate news, BlackBerry (+10.40%) shares rose
after the smartphone maker said it would look into strategic
alternatives for the company, which could include an outright sale or an
alliance with another firm.
Vical (-55.87%) tumbled after the company said it was
terminating development of its cancer treatment Allovectin after a
late-stage trial failed to meet efficacy endpoints.
Tesla shares dropped 5.56% after Lazard Capital downgraded
the stock and as investors await Elon Musk's Hyperloop design
announcement. The electric car maker's stock is up more than 325% this
year.
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