Wall St weighed by tech weakness, oil extends slide
Fixes typo in first bullet point
ASML's weak sales forecast impacts tech shares
Oil prices fall due to easing supply worries and weak demand
Financial firms post strong profits, healthcare results disappoint
By Stephen Culp
NEW YORK, Oct 15 (Reuters) -U.S. stocks followed world stocks lower on Tuesday as weak sales forecast from chipmaker ASML ASML.AS weighed on tech shares, while crude extended its slide due to easing supply worries and weakening demand.
The three major U.S. indexes headed lower shortly after the opening bell, with the S&P 500 and the Dow easing back from Monday's record closing highs.
Financial firms Goldman Sachs GS.N, Citigroup C.N and Bank of America BAC.N all posted better-than-expected profit, while healthcare companies UnitedHealth UNH.N and Johnson & Johnson JNJ.N results underwhelmed investors.
But Netherlands-based chip equipment maker ASML posted third quarter results that surprised markets with weak bookings and lower-than-expected sales forecasts, dour news that proved contagious to the U.S. chip sector .SOX.
"The U.S. stock market is so heavily weighted in tech, it’s going to drive where the overall market appears to be going," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle. "But below the surface it’s not bad news across the board."
"The global story is more due to soft data," Haworth added.
Energy stocks .SPNY, pulled lower by sliding crude prices, suffered the steepest percentage drop.
The Dow Jones Industrial Average .DJI fell 277.46 points, or 0.64%, to 42,787.76, the S&P 500 .SPX fell 35.70 points, or 0.61%, to 5,824.15 and the Nasdaq Composite .IXIC fell 161.89 points, or 0.87%, to 18,340.79. European stocks posted their largest one-day percentage drop in over two weeks, weighed by tech stocks in the wake of ASML's disappointing annual sales forecast.
Meanwhile, investors remained focused on the European Central Bank's rate decision on Thursday.
MSCI'sgauge of stocks across the globe .MIWD00000PUS fell 5.29 points, or 0.62%, to 851.89. The STOXX 600 .STOXX index fell 0.8%, while Europe's broad FTSEurofirst 300 index .FTEU3 fell 19.22 points, or 0.92%.
Emerging market stocks .MSCIEF fell 11.34 points, or 0.98%, to 1,148.72.
Oil prices slid to a near two-week low, extending Monday's losses amid easing supply pressures arising from the conflict in the Middle East, amid reports Israel's Prime Minister Benjamin Netanyahu told U.S. President Joe Biden's administration that Israel would avoid striking Iranian oil targets.
Additionally, OPEC and the International Energy Agency both lowered their global demand forecasts, mostly due to weakness in China.
"Sliding oil prices are disinflationary and that’s a positive for the broader economy," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. "What you’re seeing now is the speculation that Middle East oil properties are going to be exempt from attack."
"And falling oil prices does say something about global demand."
U.S. crude CLc1 tumbled 4.40% to $70.58 per barrel, while Brent LCOc1 fell to $74.25 per barrel, down 4.14% on the day.
Benchmark U.S. Treasury yields edged lower, pausing after touching a 2-1/2 month high in the wake of soft manufacturing data from the New York Federal Reserve.
The yield on benchmark U.S. 10-year notes US10YT=RR fell 3.7 basis points to 4.036%, from 4.073% late on Friday.
The 30-year bond US30YT=RR yield fell 5.9 basis points to 4.3228% from 4.382% late on Friday.
The 2-year note US2YT=RR yield, which typically moves in step with interest rate expectations, rose 1.3 basis points to 3.954%, from 3.941% late on Friday.
The dollar was nominally lower against a basket of world currencies amid wagers that the Federal Reserve will proceed with modest rate cuts in the near term.
The dollar index =USD, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.08% to 103.26, with the euro EUR= down 0.19% at $1.0888.
Against the Japanese yen JPY=, the dollar weakened 0.29% to 149.31.
Gold gained traction as the dollar lost some momentum.
Spot gold XAU= rose 0.49% to $2,664.00 an ounce.
To read Reuters Markets and Finance news, click on https://www.reuters.com/finance/markets For the state of play of Asian stock markets please click on: 0#.INDEXA
Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
Oil prices drop as China weakness dents demand https://reut.rs/484fSct
Crude prices and the VIX https://reut.rs/3Y7qTVZ
Reporting by Stephen Culp; Additional reporting by Harry Robertson in London and Stella Qiu in Sydney, Editing by Nick Zieminski
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