US indices weighed down by weakness in tech stocks
• Recent bullish run hits a speed bump on concerns over US tax bill.
• Weakness in technology stocks also weighing on the sentiment.
• Dow/S&P poised for weekly gains, Nasdaq set to end on back-foot.
Major US equity indices opened with modest losses on the last trading day of the week, with a downturn in technology stocks weighing on investors' sentiment.
The highly-anticipated US tax overhaul bill hit a roadblock on Thursday after the Senate delayed voting and ruled that a fiscal trigger will not work under Senate rules. Renewed concerns over the fate of US tax reform plan kept investors on edge and seems to be the only factor stalling the recent bullish run.
During the opening hour of trade, the Dow Jones Industrial Average slipped around 35-points to 24,235, still poised for weekly gains of 3%. The broader S&P 500 Index lost nearly 3-points to 2,645 and was looking at over 1.5% weekly rise. Meanwhile, tech-heavy Nasdaq Composite Index continued with its relative underperformance, amid portfolio rebalancing, and fell over 30-points to 6,840, all set for a weekly loss of over 0.2%.