Stocks End Lower

Stocks ended lower on Friday as investors absorbed news that President Donald Trump called off military strikes on Iran and the Commerce Department has barred US companies from doing business with five more Chinese entities.

Trump said he called off an overnight strike against Iran after that country shot down a US drone the day before, saying the possible loss of life on the life on the ground wasn’t proportional to the loss of an unmanned aircraft.

Crude-oil futures rose as West Texas Intermediate gained more than 0.9% to $57.61 a barrel while international benchmark Brent added nearly more than 1.3% to $65.32.

Energy shares rose more than 0.8%, pulled higher by Exxon Mobil’s (XOM) 1.4% gain. Baker Hughes (BHGE) added 3.3% while Valero Energy (VLO) added 2.7%.

Meanwhile, tech stocks fell nearly 0.5%, weighed down my chip stocks after the US Commerce Department added five more Chinese entities to its entity list, barring them from doing business with American companies.

Micron Technology (MU) slid 2.6% while Advanced Micro Devices (AMD) fell 3% Xilinx (XLNX) shed 2.3%.

Communication services added 0.4%, led higher by videogame makers. Electronic Arts (EA) gained 2.3% while Take-Two Interactive (TTWO) rose 1%.

Sprint (S) dropped 7.2% after four more state attorneys general joined a lawsuit filed by 10 other states to block the wireless carrier’s merger with T-Mobile US (TMUS). T-Mobile lost nearly 2.9%.

In economic news, private-sector output growth slowed to a more than three-year low in June as both services and manufacturing gauges fell more than expected, IHS Market said.

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