US stocks fell on Friday, weighed by a more than 4 percent drop in Oracle Corp shares, while recently battered stocks in the real estate and utilities sectors posted the largest gains.
Oracle dropped 4.3 percent to US$39.10 after its adjusted revenue missed analysts’ estimates. The stock was the biggest drag on the S&P and the tech sector.
Analysts said that investors were anxious and turned to defensive sectors in stocks as well as US Treasuries after a report that a Chinese People’s Liberation Army Navy warship on Thursday seized a US underwater drone in international waters in the South China Sea, where Taiwan also has claims.
Photo: Reuters
The news about the drone seizure “turned it to a risk-off day,” said Jim Paulsen, chief investment strategist at Wells Capital Management in Minneapolis.
“At a minimum the headline hits you. It’s not often you have two world powers getting this frontal,” he said.
The Dow Jones industrial average on Friday fell 8.83 points, or 0.04 percent, to 19,843.41, the S&P 500 lost 3.96 points, or 0.18 percent, to 2,258.07 and the NASDAQ Composite dropped 19.69 points, or 0.36 percent, to 5,437.16.
For the week, the Dow is up 0.43 percent from last week’s 19,756.85; the S&P is down 0.06 percent from 2,259.53; and the NASDAQ Composite is down 0.13 percent from 5,444.50.
The Dow rose for its sixth consecutive week.
Utilities and real estate were the best-performing sectors on the S&P, in a rotation out of recent winning sectors.
US stocks have been on a tear since the Nov. 8 presidential election, with the S&P rising 5.5 percent on bets that US president-elect Donald Trump’s expected deregulation and infrastructure spending will boost the economy.
However, there are some concerns that the rally might have little support, as policy would take time to be implemented and likely would change as it makes its way through US Congress.
Advancing issues outnumbered declining ones on the NYSE by a 1.27-to-1 ratio; on NASDAQ, a 1.18-to-1 ratio favored decliners.
The S&P 500 posted 22 new 52-week highs and one new low; the NASDAQ Composite recorded 172 new highs and 41 new lows.
About 10.84 billion shares changed hands in US exchanges on Friday, well up from the 7.53 billion daily average over the past 20 sessions.
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