Reuters logo
US STOCKS-Wall St flat as tech gains counter weakness in retailers
January 18, 2017 / 4:43 PM / 8 months ago

US STOCKS-Wall St flat as tech gains counter weakness in retailers

* Consumer price index up 0.3 pct in December

* Fed Chair Yellen set to speak at 3:00 p.m. ET

* Target drops after disappointing holiday sales, forecast cut

* Dow down 0.04 pct, S&P up 0.05 pct, Nasdaq up 0.13 pct (Adds details, comments, updates prices)

By Yashaswini Swamynathan

Jan 18 (Reuters) - Wall Street was little changed on Wednesday as gains in technology and financial stocks offset losses in shares of retailers.

The S&P 500 consumer discretionary sector was the biggest drag on the broader index, falling 0.3 percent as Target weighed.

The big-box retailer fell 4.8 percent after becoming the latest brick-and-mortar chain to report disappointing results for the holiday season, forcing it to cut its quarterly earnings forecast.

Bigger rival and Dow component Wal-Mart was off 1.1 percent.

Federal Reserve Chair Janet Yellen is scheduled to speak later in the day. Investors will parse her comments to see if she joins other policymakers in suggesting faster interest rate hikes in the wake of Donald Trump’s proposals for fiscal stimulus.

A frenetic post-election rally in U.S. equities has hit a speed bump in recent weeks as investors wait for Trump to work on his campaign promises.

The markets, which have received little detail on his policy plans, expect to get more insight during his inaugural speech on Friday.

At 11:04 a.m. ET (1604 GMT), the Dow Jones Industrial Average was down 7.16 points, or 0.04 percent, at 19,819.61. The S&P 500 was up 1.29 points, or 0.05 percent, at 2,269.18 and the Nasdaq Composite was up 7.38 points, or 0.13 percent, at 5,546.10.

“Unless something markedly happens during the earnings season, I think we will kind of bounce around for a while,” said Bret Chesney, senior portfolio manager at Alpine Global.

Six of the 11 major S&P 500 sector indexes were higher, with technology and industrials giving the broader index its biggest boost.

Energy stocks were among the top losers as oil prices fell more than 2 percent.

Qualcomm rose 1.7 percent and gave the biggest lift to the technology sector after Morgan Stanley said it believed the U.S. government may be reluctant to pursue an antitrust case against the company.

Bank of America and Morgan Stanley gave the biggest boost to the financial sector. Goldman Sachs slipped 0.3 percent and Citigroup 1.3 percent despite reporting strong quarterly profits.

UnitedHealth fell 2.1 percent to $157.33 and was the biggest drag on the Dow.

Consumer prices edged up 0.3 percent in December, while industrial output rebounded in the month - continuing the trend of sustained economic growth.

Advancing issues outnumbered decliners on the NYSE by 1,473 to 1,284. On the Nasdaq, 1,390 issues rose and 1,251 fell.

The S&P 500 index showed 11 new 52-week highs and three new lows, while the Nasdaq recorded 40 new highs and 17 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D‘Silva)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below