Business

Tech firms limit Wall Street gains

NYSE trader Image copyright Getty Images

US markets were mixed on Monday, as the Dow Jones pushed farther into record territory but falls in technology stocks limited gains.

The Dow climbed 0.28% to 21,891.12, lifted by increases at Boeing, ExxonMobil and Chevron.

Declines at Discovery Communications, Amazon and Facebook reined in the Nasdaq, which dropped 0.42% to 6,348.12.

The wider S&P 500 was little changed, falling less than 0.1% to 2,470.30.

Markets are in the middle of earnings season, as companies reveal their quarterly performance to investors.

Discovery Communication shares fell more than 8% after the firm's quarterly revenues disappointed and a deal to buy Scripps Networks Interactive failed to reassure investors' concerns about the challenges facing traditional television companies.

Discovery's channels include Animal Planet and the Discovery Channel, while Scripps owns TV channels such as the Travel Channel and Food Network.

Snap fell 1% to $13.67 as a lock-up ended that has prevented early investors and employees from selling shares since the social media company's IPO.

The shares remain well below the price of $17 at which they went on sale in March this year.

Bigger technology companies also fell on Monday. Amazon shares dropped more than 3%, while Facebook shares dropped by more than 1.8%.

Some analysts believe that investors are cashing out after the strong increase in share prices earlier this year.