Stocks Wavering At Midday
(AP) -- U.S. stocks are wavering between small gains and losses in early trading Wednesday as investors size up the latest company earnings and deal news. Gains in retailers and industrial companies were outweighing hefty losses in technology companies. Energy stocks rose along with the price of crude oil.
KEEPING SCORE: The S&P 500 index rose 1 point, or 0.1 percent, to 2,707 as of 10:07 a.m. Eastern Time. The Dow Jones industrial average lost 32 points, or 0.1 percent, to 24,754. The Nasdaq composite fell 5 points, or 0.1 percent, to 7,275. The Russell 2000 index of smaller-company stocks picked up 4 points, or 0.3 percent, to 1,584.
STRONG LIFT: Textron jumped 7.8 percent to $64.63 after the plane and helicopter maker delivered quarterly results that beat analysts' forecasts. The company also said it will sell its tools and test division to Emerson for $810 million.
ON TRACK: CSX climbed 6.4 percent to $60.21 after the railroad operator said its latest quarterly profit almost doubled as the company slashed costs. CSX also said it is running trains on a tighter schedule and using fewer locomotives.
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SHOPPING ON TV: Best Buy added 3.2 percent to $75.09 after the consumer electronics retailer announced a partnership with Amazon to sell new Fire TV that allow users to order goods through Amazon.
CHIPS ARE DOWN: Several chipmakers slumped. Micron Technology slid 1.5 percent to $51.47, while Applied Materials lost 5.1 percent to $54.92.
ENERGY: Benchmark U.S. crude rose $1.48, or 2.2 percent, to $68 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, added $1.34, or 1.9 percent, to $72.92 per barrel in London.
The surge in oil prices helped lift energy stocks. Newfield Exploration added 2.8 percent to $27.07.
TRADE TENSIONS: China imposed preliminary anti-dumping tariffs of 178.6 percent on U.S. sorghum. The United States told the World Trade Organization it has agreed to discuss with China the Trump administration's tariff increases on steel and other Chinese goods. President Donald Trump has threatened to raise tariffs on up to $150 billion of Chinese goods due to disputes over technology policy, market access and Beijing's trade surplus with the United States. China responded with its own list of U.S. goods for retaliation. Investors worry other governments might raise their own import barriers.
BOND YIELDS: Bond prices were little changed. The yield on the 10-year Treasury held at 2.83 percent.
CURRENCIES: The dollar gained to 107.19 yen from Tuesday's 107.02 yen. The euro rose to $1.2385 from $1.2367.
OVERSEAS: In Europe, Germany's DAX slipped 0.1 percent, while France's CAC 40 rose 0.3 percent. Britain's FTSE 100 added 1.1 percent. Indexes in Asia finished higher. Tokyo's Nikkei 225 rose 1.4 percent, while Hong Kong's Hang Seng added 0.7 percent. Seoul's Kospi rose 1.1 percent.
(BE)