Lexmark, Apple Drag Tech Stocks Down

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Market Update Analysis:

Author: Elena Todorova
123jump.com
Last Update: 12:13 PM EDT July 30 2007

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U.S. stocks continued to trade in a lackluster fashion, as traders remained somewhat concerned about the outlook for the markets after the heavy sell-off last week. However, deal news and strong financial results at HSBC Holdings helped limit the downward trend. Computer hardware sector posted a notable decline, with Lexmark falling 4% and Apple losing 2.5%. Oil service, airline, and biotech stocks also came under pressure.

The strength in the Japanese steel companies lifted other steel stocks in the region. Posco in Korea increased 2.2% and Baoshan Iron & Steel surged 7%.

Shipping companies staged another rebound on the expectations that the shipping rates will increase lifting the shares of Mitsui OSK by 4%.

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