MARKET SNAPSHOT: Stocks Fight To Climb After Mixed U.S. Data, Disappointing Earnings
July 28 2016 - 10:21AM
Dow Jones News
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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