Tech stocks weigh on Wall Street, energy stocks help cut losses

(Reuters) – The benchmark S&P 500 and the Dow Jones Industrial Average were flat on Wednesday, as gains in energy companies helped offset a slide in technology stocks, which weighed on the Nasdaq.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 7, 2018. REUTERS/Brendan McDermid

Shares of Apple (AAPL.O), Twitter TWTR.O, Alphabet (GOOGL.O) and (AMZN.O) fell between 0.8 and 2.8 percent after executives at these companies, among others, were asked to testify about consumer data privacy before a U.S. Senate panel on Sept. 26.

Apple weighed the most on the three major indexes. The stock was trading higher premarket ahead of an event at 1 p.m. ET (1700 GMT) where the company is expected to launch three new iPhone models.

The S&P technology sector .SPLRCTI slid 0.88 percent, the most among the 11 major S&P 500 sectors. The energy sector .SPNY jumped 0.76 percent as oil prices hovered near $80 per barrel on growing concerns over global supply. [O/R]

Chevron (CVX.N) was up 1.6 percent, also helped by HSBC’s upgrade for the stock and Exxon Mobil Corp (XOM.N) rose 0.7 percent.

At 10:08 a.m. ET the Dow Jones Industrial Average .DJI was up 33.54 points, or 0.13 percent, at 26,004.60, the S&P 500 .SPX was down 1.57 points, or 0.05 percent, at 2,886.32 and the Nasdaq Composite .IXIC was down 46.01 points, or 0.58 percent, at 7,926.47.

The Philadelphia Semiconductor index .SOX was down 2.51 percent after companies related to memory chips came under pressure after Goldman Sachs warned of lower prices for such chips due to an oversupply of DRAM and NAND chips.

Micron (MU.O) fell 5 percent, the most on the S&P, after Goldman Sachs cut its rating on the stock. Chip equipment makers slid, led by a 5.3

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