U.S equities continued their downward decline overnight unable to post consecutive daily gains as downbeat earnings results, a slump in tech stocks and tensions in Turkey dominated markets on Wednesday. Tech fell more than 1% weighing heavily on the S&P500 after Chinese tech giant Tencent reported a disappointing earnings report with revenue growing at its slowest rate since 2015. Shares listed on the U.S. exchange dropped 6.7%. Declines were also experience in GOOGL -2.06%, MSFT -1.73%, AMZN -1.93% and NFLX -3.29%. Energy was the worst performing S&P500 sector falling 3.5% as a decline in oil prices pushed Chevron -3.79%, Freeport McMoRan -7.70% and Marathon Oil -7.09%. However the retailers took the spotlight overnight as Macey’s plunged nearly 16% after the company’s showed sales growth is struggling. Weaker results were also seen in Nordstrom -5.50%, Gap Inc. -5.05% and Ralph Lauren -4.94%.
In currency markets, the euro regained some strength after Qatar announced its pledge to invest $15 billion in Turkey. The Euro briefly touched 1.1300 before bouncing back to 1.1346 against the US dollar. The dollar index fell 0.03% and the Australian dollar was last trading at 0.7238 against the US dollar.
Chart of the Day: Macey's Inc. (M)