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US SMALL/MIDCAPS-Stocks set to snap 5-day streak; remain up on week
NEW YORK |
NEW YORK Aug 10 (Reuters) - Mid- and smallcap stocks were lower on Friday, putting smaller equities on track to snap a five-day winning streak, as China posted a much weaker-than-expected rate of growth in exports in July.
Trade and new bank lending data in China suggested pro-growth policies have been slow to gain traction and more urgent action may be necessary to stabilize the economy.
The data underscored the effect the euro zone debt crisis is having on the global economy, although it may heighten the investor expectations for more stimulus from central banks which has helped fuel the recent rally.
"On the margins, it's not a big massive sell-off," said Michael E. Hoffman, director of research at Wunderlich Securities Inc in Baltimore.
"The foot comes off the accelerator a little bit when you get conflicting data."
The S&P MidCap 400 index shed 0.3 percent while the S&P SmallCap 600 index lost 0.4 percent. In comparison, the benchmark S&P 500 dipped 0.2 percent.
Even with Friday's declines, both indexes were on track for their biggest weekly climb in the past six.
Digital Generation Inc shares slumped 18.3 percent to $9.18 after the smallcap reported a surprise quarterly loss as the advertising distribution company's online business was hurt by a weak Europe.
Fellow smallcap Brooks Automation Inc tumbled 11.8 percent to $8.44 after posting its third-quarter earnings, prompting Barclays to cuts its price target on the stock to $10 a share.
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