Three-session winning streak ends on Wall Street
US stocks closed lower overnight, ending a three-session winning streak after a profit warning from semiconductor maker Texas Instruments chipped away at investor enthusiasm.
The Dow Jones closed 88.08 points lower at 8450.16 and the Nasdaq fell by 16.92 to 1292.75, but the Dow had rallied more than 1,250 points during the last eight sessions.
Chipmaker Texas Instruments fell by $3.12 to $14 after warning that revenue and profit for the current quarter will miss expectations due to weakness in the market for chips used in personal computers and that, as a result, the firm will cut 500 jobs.
The company, which focuses on digital signal processors used in communications technology, also reported a third-quarter profit of 11 cents a share, above forecasts.
Contract chipmaker Taiwan Instruments fell by 53c to $6.95 after reporting a smaller than expected third quarter profit and warned that shipments and the activity level at its plants will fall in the current quarter from the July-September period.
