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7/18, 10:51 AM (Source: TeleTrader)
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Wall Street drops before bell, led by tech sector

The dollar slightly weakened on Thursday and stocks fell in premarket trade in the United States, while gold was in the red unlike other precious metals. Technology companies were hit the hardest upon reports that bilateral negotiations between the administration in Washington and China have hit a wall again on disagreements about the status of Huawei. Furthermore, Netflix substantially missed its target for subscription growth.

Of note, manufacturers in Europe started posting surprisingly downbeat numbers for the second quarter. German software maker SAP disappointed with quarterly numbers and issued a profit warning. Japan's trade balance showed strong drops in both exports and imports. Treasuries were little change as focus is increasingly shifting to the meeting of the Federal Reserve at the end of the month.

Gold retreated 0.32% to $1,421.72 per ounce at 4:48 am ET. The euro gained 0.13% to trade at $1.1239 and the pound jumped 0.4% to $1.24832. The greenback slipped 0.2% to ¥107.733. The Dow Jones Industrial Average was down 0.26%. The tech-laden Nasdaq 100 index dropped 0.64% and the S&P 500 lost 0.34%.

Breaking the News / IT