News Summary: Stocks drop on tech profit slump

By The Associated Press

SLUMP IN TECH: Chip maker Advanced Micro Devices fell sharply after reporting that a slowdown in China and Europe led to an 11 percent drop in second-quarter revenue. It had expected a 3 percent gain. That helped pull down other stocks, leading to fourth day of declines in the major indexes. The tech-heavy Nasdaq dropped the most, 1 percent, to end at 2,902.

OIL STOCKS HIT HARD: Benchmark crude oil fell $2 to $84 a barrel in New York. Major energy companies dropped as a result, including Occidental Petroleum, down $1.95 at $83.24, and ConocoPhillips, down 90 cents at $53.43.

NEXT UP, EARNINGS: Or rather down, if you believe the financial analysts on Wall Street. They expect earnings for S&P 500 companies to fall 2 percent in the second quarter, the first drop in nearly three years. More than 150 companies are expected to report in the next three weeks.

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