Wall Street closed lower on Friday with stocks dragged down by energy shares.
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On the commodity markets, the November crude oil contract plunged US$1.84 cents to US$44.48 per barrel, while the October contract for natural gas shed 3.5 cents to US$2.955 per mmBtu.
All three major indexes are poised to end the week higher after the S&P 500 index notched its best two-day performance in more than two months on Thursday.
Dow member Procter & Gamble fell 1.4 per cent following a report from Bloomberg News that said P&G brands in skin care and men’s shaving were losing USA market share to competitors. Stocks were given a boost on Wednesday when the Federal Reserve chose to keep interest rates steady, leaving intact the low-rate environment that has helped fuel the bull market.
“I just think after a few strong days and a little weakness in energy that folks are taking some profit before the weekend.”, said Gary Bradshaw, portfolio manager with Hodges Capital Management in Dallas.
The Nasdaq lost 33.78 (-0.63 percent) to close at 5,305.75, while the S&P 500 finished at 2,164.69, down 12.49 (-0.57 percent) from its open.
“As much as market fundamentals matter, the Fed and its decisions continue to dominate markets”, said Kristina Hooper, head of USA investment strategies at Allianz Global Investors.
Google parent Alphabet ended unchanged, while Salesforce dropped 5.6 per cent after both were reported to have shown interest in buying Twitter, which has struggled to build on the growth momentum of its early years.
Eight of 11 major S&P sectors were lower.
Apple fell 1.7 per cent on speculation that iPhone sales have been disappointing, while Facebook lost 1.6 per cent on concerns about its online advertising prospects.
Twitter shares surged 21 per cent on reports that the microblogging company was exploring selling itself.
Endo International (O:) shares jumped over 15 percent after the drugmaker announced a new chief executive.
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The S&P 500 posted seven new 52-week highs and one new low; the Nasdaq Composite recorded 88 new highs and 13 new lows.
