S&P 500 fell on lower technology sector profits

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Source: Dukascopy Bank SA
S&P 500 declined by 0.81% to 1,341.47 on Tuesday amid lower profits at technology firms and sharp fall in energy prices. Traders are cautious ahead of the upcoming corporate reports. Capital IQ reported that firms in the index are likely to face an average 2% decline in earnings in Q2. Meanwhile, Advanced Micro Devices posted a more than 11% drop after reporting that slowdown in the EU and China sent the company's revenues for Q2  11% lower. Previously, the enterprise predicted a 3% gain in revenues in the last quarter. Applied Materials lost 2.72% after the company reduced its profit forecast for the current fiscal year.

 

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