S&P, Nasdaq reverse course after touching record highs

May 10, 2017, 01:42
S&P, Nasdaq reverse course after touching record highs

U.S. stocks hovered around the flatline on Monday, after gains in the energy and technology sectors were offset by a slump in materials stocks.

At 11:03 a.m. ET the Dow Jones Industrial Average was up 8.97 points, or 0.04 percent, at 21,021.25, the S&P 500 was up 2.03 points, or 0.08 percent, at 2,401.41 and the Nasdaq Composite was up 23.57 points, or 0.39 percent, at 6,126.23. The S&P 500 rose less than 0.1% and the Nasdaq Composite gained 0.3% after both indexes inched higher Monday to settle at records.

CHECKING IN: Marriott International jumped $6.10, or 6.3 percent, to $102.47 after reporting stronger-than-expected earnings for the latest quarter.

Demand has dulled for high income-paying stocks as bonds have begun to pay more in interest. It closed down 2.46 points, or 0.1%, to 2,396.92.

The S&P 500 was down 1.98 points, or 0.08 percent, at 2,397.31, easing from an all-time high of 2,401.36. It has been climbing since hitting a low of 2.17 percent three weeks ago. And last weekend's presidential election in France raised confidence that voters may be turning their backs on a nationalistic brand of politics that could hurt global trade. The hotel operator cited improving trends around the world. Last week's jobs report gave reassurance that the US economy is improving despite its weak showing at the start of the year, and companies have been turning in stronger profit reports. Brent crude, the worldwide standard, slipped 39 cents to $48.95 per barrel.

After the bell, auto rental company Hertz Global Holdings reported a deeper-than-expected quarterly loss and its stock slumped 15 percent.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. But Coach rose $2.05, or 4.8 percent, to $44.71.

Japan's Nikkei 225 index dipped 0.3 percent, while the Hang Seng in Hong Kong jumped 1.3 percent.

Tyson Foods was the biggest S&P loser, down 6.08% after the meat processor reported a slump in quarterly profit.

Shares in Centrica CNA.L , which owns household energy supplier British Gas, fell as much as 5 percent in early trading, adding to the 10 percent fall recorded since the start of the year. South Korean markets were closed as votes headed to the polls to vote for president. Cisco Systems ( CSCO ) shed 1.1% after receiving an investment-rating downgrade late Monday to market perform from outperform from BMO Capital Markets. The dollar rose to 113.07 Japanese yen from 112.61 yen.

Sinclair lost 2.2 per cent.

YOU MIGHT ALSO LIKE
  • Central Intelligence Agency plotted to kill Kim Jong-un, claims North Korea

    The plot was tantamount to "the declaration of a war", the statement added and it accused the U.S. of sponsoring terrorism. Embassy in Seoul and South Korea's National Intelligence Service were not immediately available for comment.
    ISIS leader in Afghanistan killed in raid

    ISIS leader in Afghanistan killed in raid

    Cameron Thomas, 23, were killed in the April 27 operation in a remote area in Nangarhar province, in eastern Afghanistan. Security forces inspect the site of an Islamic State-claimed attack on a hospital in Kabul, Afghanistan, March 8, 2017.
    Backed forces seize '80%' of Syria's Tabqa from IS

    Backed forces seize '80%' of Syria's Tabqa from IS

    This week, the SDF said it captured most of the strategic town of Tabqa, 40 km (25 miles) west of Raqqa along the Euphrates. KRQE.com ❯❯ Save or Share this Page via. .
  • 3 victims in 2 Chicago shootings were killed in ongoing gang war

    3 victims in 2 Chicago shootings were killed in ongoing gang war

    He was charged Saturday with two counts each of attempted murder and aggravated battery with a firearm. A 19-year-old man walked into his apartment, followed by three men who repeated shot him in the head.
    Latest Lethal Opioid Threat: Gray Death

    Latest Lethal Opioid Threat: Gray Death

    The drug has been confirmed in Hamilton County (Cincinnati), and the state attorney general is investigating other possible cases. Gray death is a unsafe opioid combo that has been detected in overdose episodes recorded in Alabama, Georgia, and Ohio.
    IT firm announces plan to hire 10K United States  workers

    IT firm announces plan to hire 10K United States workers

    The company started active talks with IN in late February, Deputy Chief Operating Officer Ravi Kumar told reporters IN Indiana. Infosys and others have come under scrutiny by the Trump administration over their use of the H-1B visa program.
  • Kelly Ripa Teases New Co-Host Announcement

    Kelly Ripa Teases New Co-Host Announcement

    He will begin every week in NY , as he did this Monday welcoming stars like Chris Pratt from "Guardians of the Galaxy". Seacrest is already in business with ABC as the host of " Dick Clark's New Year's Rockin' Eve " on New Year's Eve.
    Geico 500 Qualifying Results & Starting Lineup for Talladega 2017

    Geico 500 Qualifying Results & Starting Lineup for Talladega 2017

    His XFINITY Series record includes a 21st-place finish a year ago and a 30th-place finish (due to an overheating engine) in 2015. The April 27, 1997 race was postponed due to inclement weather to May 10, 1997 - Mark Martin won the event.
    Fantasy IPL 2017: DD vs MI - Three players you should pick

    Fantasy IPL 2017: DD vs MI - Three players you should pick

    However, Billings believes that the 4 giants of the team will surely make a comeback and bring Delhi Daredevils back in the game. But the writing was on the wall when Anderson mishit Malinga to deep mid-wicket in the sixth over on only 10.
  • Capitals' stars step up when needed to avoid elimination in Game 5

    Capitals' stars step up when needed to avoid elimination in Game 5

    Now, if Trotz sticks with those lines, Nicklas Backstrom, Evgeny Kuznetsov and Ovechkin will each anchor a line. So what does the team need to do to come back? "They come at you in waves", Rust said.

    Golovkin and Alvarez has agreed to fight

    First things first: "I knew I had to win this fight, and we showed it", Alvarez said . Both fighters weighed 164 on Friday, and both declined to be weighed on fight night.

    Spurs will take title race down to the wire - Chelsea's Matic

    The west London side are now four points ahead of their local rivals heading into this weekend's round of games. But Gabriel Jesus' equaliser left Boro six points off safety with only three games left.
popular