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Stocks fell for a second day on Wednesday, pressured by declines in tech and bank shares, pausing a sharp rally to start off June.
The Dow Jones Industrial Average dipped 50 points while the S&P 500 traded 0.2% lower. The Nasdaq Composite lagged, sliding 0.4%.
Tech shares were dragged down by chip stocks. The VanEck Vectors Semiconductor ETF (SMH) dropped 1.9% as Lam Research lost 5%. Applied Materials, KLA-Tencor and Teradyne also fell. Semiconductor stocks were pressured after an Evercore ISI analyst said a recovery in the space will likely be pushed back to the second half of 2020.
Facebook shares dropped more than 1% after a Wall Street Journal report showed the company uncovered emails linking CEO Mark Zuckerberg to the company’s privacy practices.
Wednesday’s declines come after muted trading action in the previous session. The Dow closed marginally lower on Tuesday, snapping a six-day winning streak.
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With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya
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