Business

Intel shares weigh on Dow Jones

NYSE traders Image copyright Reuters

(Closed): Shares in the chipmaker Intel weighed on the Dow Jones following results reported after the close of trade on Wednesday.

Intel shares fell 4% after reporting that revenue growth had slowed at a key business.

The Dow Jones ended a six-day record setting streak, slipping 77.8 points to 18,517.23.

The broader S&P 500 fell 7.85 points to 2,165.17, while the Nasdaq dropped 16.03 to 5,073.90.

Shares in Intel's computer chip-making rival, Qualcomm, rose 7.5% after it reported strong demand for its products in China.

Southwest Airlines fell 11.2% after the company forecast lower profits for the year.

The move sent shares of other airlines tumbling. American Airlines dropped 2.7% and Delta Airlines fell 4.2%.

US housing data showed existing home sales continued to rise for the fourth consecutive month. June existing home sales were up 1.1% from May. Economists say the figures show the strength of the US economy.

"I was hoping for [the June figures] to be a bit higher, but it looks as if the market is very, very close to reaching its full potential at this point," said Mark Fleming, chief economist at First American Financial Corporation.