The main US stock indexes completed the session in negative territory

The major US stock indexes fell significantly, as the losses incurred by shares of technology companies as a result of resumed sales in the sector significantly exceeded the growth in the financial sector, caused by a report on the successful passage of the US Federal Reserve stress tests by 34 largest US banks.

Investors also evaluated a block of important data. The report submitted by the Ministry of Trade showed that in the first quarter the US economy slowed less sharply than initially expected due to unexpectedly higher consumer spending and a larger export jump. According to the report, GDP increased by 1.4% year-on-year, and not by 1.2%, as reported last month. It was the slowest growth rate since the second quarter of last year. Economists had expected that GDP growth would remain unchanged at 1.2%. The growth in the economy in the first quarter was supported by a revised increase in consumer spending, accounting for more than two thirds of US economic activity. Consumer spending grew by 1.1%, and not by previously announced 0.6%. It was the slowest pace since the second quarter of 2013.

At the same time, the report of the Ministry of Labor showed that the number of Americans applying for unemployment benefits increased last week, although their total number still corresponds to a steady increase in employment. According to the Ministry of Labor, the initial applications for state unemployment benefits increased by 2000 to 244,000, seasonally adjusted for the week to June 24. Economists predicted that initial applications for unemployment benefits fell to 240,000 over the last week. The claims for unemployment benefits for the previous week were revised to 242,000 from 241,000.

Almost all components of the DOW index recorded a decline (28 out of 30). Most fell shares of Cisco Systems, Inc. (CSCO, -2.09%). The growth leader JPMorgan Chase & Co. (JPM, + 1.69%).

Almost all sectors of S & P finished trading in the red. The technological sector fell most of all (-1.7%). The increase was shown only by the financial sector (+ 0.1%).

At closing:

DJIA -0.78% 21,287.03 -167.58

Nasdaq -1.44% 6,144.35 -90.06

S & P-0.86% 2.419.70 -20.99