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Tech Drags on Stocks as Sales Data Boosts Dollar: Markets Wrap

  • S&P 500 Index posts its second consecutive weekly advance
  • Dollar rallies on Fed outlook for biggest gain since April
Bloomberg business news
Kathryn Rooney Vera, Bulltick head of research, says the bond market is taunting the Fed not to cut rates.(Source: Bloomberg)
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U.S. tech shares fell on concern a global trade war could sap profit. The dollar strengthened after data showing broad gains in retail sales suggested the economy is healthy enough to go without an interest-rate cut.

Chipmakers tumbled the most in almost a month after Broadcom Inc. trimmed its sales forecast, weighing on the S&P 500 Index. The benchmark stock gauge pared losses in afternoon trading and notched a 0.5% weekly gain. Treasury yields erased declines after May’s retail sales data was seen as undermining the case for a dovish turn by the Federal Reserve.