By Ellie Ismailidou and Barbara Kollmeyer, MarketWatch

Ford slumps more than 7% as earnings miss view; Facebook extends gains on strong quarterly results

U.S. stocks flipped between small gains and losses in early trade Thursday, amid disappointing earnings and mixed U.S. economic data.

The number of people who applied for unemployment benefits (http://www.marketwatch.com/story/jobless-claims-climb-14000-to-266000-2016-07-28)last week rose from historical lows, while the nation's trade gap widened in June to $63.3 billion, as imports rose faster than exports. Meanwhile, wholesale inventories were unchanged and retail inventories inched higher.

The S&P 500 index was off 6 points, or 0.3%, at 2,160, led by a 0.6% drop in financial shares, followed by a 0.5% drop in materials. Seven of the index's main sectors were in negative territory, while utilities were leading the gains, up 0.2%.

Ford Motor Co.(F)slumped 7.7% following an earnings miss (http://www.marketwatch.com/story/fords-stock-tumbles-after-profit-misses-expectations-2016-07-28), leading the S&P decliners and on track to see their largest daily drop in more than five years.

The stock moves come a day after the Federal Reserve left interest rates unchanged but attempted to tentatively set the table for a possible increase of rates as soon as September, stating that near-term risks to the economic outlook (http://www.marketwatch.com/story/fed-appears-more-open-to-september-rate-hike-2016-07-27)have diminished.

The Dow Jones Industrial Average pared its early losses to trade down 10 points, or off less than 0.1%, at 18,457, led by a 1.2% drop in Boeing Co..(BA) but boosted by a 0.7% gain in Apple Inc. (AAPL), up 1%.

Meanwhile the Nasdaq Composite Index was down 9 points, or 0.2%, higher at 5,149, less than 1.5% from a record closing high for the tech-laden benchmark.

Among individual companies, shares of Facebook Inc. (http://www.marketwatch.com/story/facebook-posts-huge-revenue-beat-2016-07-27)(FB) rose 3.6% adding to Wednesday's post-market gains after soundly beating on earnings and revenue.

 

(END) Dow Jones Newswires

July 28, 2016 10:06 ET (14:06 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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