Dow and S&P 500 witness modest losses

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Jan 23, 2021

7:35PM

Dow and S&P 500 witness modest losses

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The Dow and S&P 500 witnessed modest losses yesterday amid losses in leading blue-chip technology companies like Intel and IBM.

IBM Corp plunged around 10 percent and was the top drag on the Dow Jones Industrial Average after it missed estimates for quarterly revenue as sales declined in its software unit. Intel Corp also slipped more than nine percent.

However, losses in the tech sector were offset by gains from Microsoft Corp Apple Inc, keeping the declines on the main U.S. stock indexes in check and lifting the Nasdaq marginally.

Energy and financials were the worst performers among the 11 S&P sectors yesterday, while the defensive utilities and real estate groups advanced.

The Dow Jones Industrial Average declined 0.6 percent and the S&P 500 slipped 0.3 percent while the Nasdaq Composite index added 0.1 percent.