sector: Chinese technology company Tencent Holdings Ltd reported its first profit decline in almost 13 years, putting pressure on the US tech sector, according to Nine News Australia. Technology stocks were the biggest drag on the S&P 500 and the Nasdaq, with the S&P 500 technology index down 1.1 per cent. To improve your experience update it here News WorldUS stocks drop on downbeat earnings7 48am Aug 16, Street has fallen in a day of heavy trading, with the S&P 500 posting its biggest percentage drop since late June as investors turned risk-averse on disappointing earnings and escalating global tariff worries. Retail shares fell as Macy's Inc stock tumbled 15.9 per cent after margin fears spooked investors, overshadowing its stronger-than-expected sales and earnings. Macy's results have taken an edge off that optimism, he added. There was a lot of optimism heading into retail earnings, said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.
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