US open: Stocks pause at record highs

Alexander Bueso WebFG News | 23 Oct, 2017 15:33 | | |

bandera eeuu usa america

Wall Street was trading on a mixed note in the early going on Monday, albeit after record closes during the previous session with sentiment underpinned by optimism over Trump’s tax plans as investors look ahead to more earnings releases.

At 1501 BST, the Dow Jones Industrial Average was ahead by 0.08% or 18.78 points to 23,347.41, alongside a dip of 0.02% or 0.39 points to 2,574.82 for the S&P 500 while the Nasdaq Composite was off by 0.25% or 16.66 points to 6,612.70.

Craig Erlam, senior market analyst at Oanda, said: "sentiment remains very positive as we head into a key week for corporate earnings.

"With 185 S&P 500 companies due to report on the third quarter this week, earnings will naturally be a key factor when it comes to the sustainability of the stock market rally. Global risk appetite remains strong though and investors are becoming increasingly optimistic about the economic outlook. Add tailwinds such as US tax reform into the mix and despite lingering geopolitical and political risks, the rally may have some way to go yet."

There was little in the way of fresh economic data to be had aside from the Federal Reserve bank of Chicago's national activity index.

The three-month moving average for the gauge was steady in September at a reading of -0.16.

On the corporate front, disk-drive manufacturer Seagate Technology was in the headlines, with shares up 9% after company published adjuster earnings per share of 96 cents for its fiscal first quarter (consensus: 86 cents).

The company's shares were nevertheless still nursing significant losses for the year-to-date.

Netflix on the other hand was a drag on markets after unveiling plans to issue $1.6bn of senior debt to fund its content acquisition goals.

Celgene was one of the top fallers after abandoning three clinical trials for its GED-0301 therapy for Crohn's disease.

In parallel, stock in CarMax was slightly lower after telling investors it would add 2,000 staff before the year was out.

Elsewhere, electric car maker Tesla was in the black following a report it has reached an agreement to set up its own manufacturing facility in Shanghai.

Cisco Systems was also in focus after a Bloomberg report that the company was close to buying software company BroadSoft.

There are no speeches due from Fed officials on Monday.

Dow Jones - Risers

Nike Inc. (NKE) $53.91 1.60%
Home Depot Inc. (HD) $165.55 1.30%
American Express Co. (AXP) $92.97 0.96%
Merck & Co. Inc. (MRK) $64.34 0.72%
Wal-Mart Stores Inc. (WMT) $88.01 0.65%
Johnson & Johnson (JNJ) $143.21 0.57%
Pfizer Inc. (PFE) $36.60 0.49%
Intel Corp. (INTC) $40.60 0.43%
Cisco Systems Inc. (CSCO) $34.40 0.43%
Exxon Mobil Corp. (XOM) $83.42 0.37%

Dow Jones - Fallers

General Electric Co. (GE) $22.94 -3.73%
Procter & Gamble Co. (PG) $87.79 -0.52%
McDonald's Corp. (MCD) $165.51 -0.48%
Walt Disney Co. (DIS) $98.97 -0.43%
Goldman Sachs Group Inc. (GS) $243.81 -0.37%
Unitedhealth Group Inc. (UNH) $206.92 -0.27%
International Business Machines Corp. (IBM) $161.68 -0.24%
Boeing Co. (BA) $264.17 -0.22%
Visa Inc. (V) $107.35 -0.19%
Caterpillar Inc. (CAT) $131.27 -0.07%

S&P 500 - Risers

Seagate Technology Plc (STX) $38.27 9.53%
VF Corp. (VFC) $71.19 7.25%
DaVita Inc (DVA) $61.53 3.66%
PVH Corp. (PVH) $132.79 3.49%
L Brands Inc (LB) $45.17 3.25%
First Solar Inc. (FSLR) $49.06 2.79%
Signet Jewelers Ltd (SIG) $67.69 2.62%
Dr Pepper Snapple Group Inc. (DPS) $91.28 2.53%
Kansas City Southern (KSU) $107.35 2.05%
Western Digital Corp. (WDC) $88.18 2.04%

S&P 500 - Fallers

Hasbro Inc (HAS) $90.35 -7.98%
Mattel Inc. (MAT) $15.21 -4.76%
Hartford Financial Services Group Inc. (HIG) $54.12 -4.20%
General Electric Co. (GE) $22.94 -3.73%
Mallinckrodt Plc Ordinary Shares (MNK) $31.31 -3.42%
State Street Corp. (STT) $95.80 -3.35%
Biogen Inc (BIIB) $330.13 -2.36%
Spectra Energy Corp. (SE) $15.90 -2.22%
United Rentals Inc. (URI) $141.89 -1.74%
Endo International Plc (ENDP) $7.59 -1.68%

Nasdaq 100 - Risers

Seagate Technology Plc (STX) $38.27 9.53%
Western Digital Corp. (WDC) $88.18 2.04%
T-Mobile Us, Inc. (TMUS) $61.61 1.90%
Intuitive Surgical Inc. (ISRG) $376.08 1.76%
Automatic Data Processing Inc. (ADP) $117.57 1.41%
Dollar Tree Inc (DLTR) $93.47 1.19%
Celgene Corp. (CELG) $122.66 1.10%
QUALCOMM Inc. (QCOM) $52.59 1.10%
Wynn Resorts Ltd. (WYNN) $145.98 1.07%
Hologic Inc. (HOLX) $37.36 0.95%

Nasdaq 100 - Fallers

Hasbro Inc (HAS) $90.35 -7.98%
Mattel Inc. (MAT) $15.21 -4.76%
Biogen Inc (BIIB) $330.13 -2.36%
Mercadolibre Inc. (MELI) $231.27 -1.89%
Biomarin Pharmaceutical Inc. (BMRN) $86.32 -1.63%
Discovery Communications Inc. Class C (DISCK) $18.97 -1.53%
Discovery Communications Inc. Class A (DISCA) $19.99 -1.48%
Alexion Pharmaceuticals Inc. (ALXN) $136.99 -1.46%
Adobe Systems Inc. (ADBE) $173.49 -1.22%
Liberty Global plc Series C (LBTYK) $30.35 -1.08%

More news

17 Nov Europe close: Stocks slip going into the weekend

Stocks reversed early gains as investors opted to play it safe going into the weekend and the euro edged a tad higher on the back of the political gyrations on Capitol Hill.

17 Nov Europe open: Stocks start slightly higher, analysts wary

Stocks have started the morning trading slightly higher, tracking overnight gains on Wall Street but analysts are worried about buying into Thursday's bounce.

17 Nov London close: Stocks finish week on down note

London's top flight index slipped on Friday, but managed to finish well-off its lows of the session despite renewed Brexit angst as the pound gave back early gains.

17 Nov Kingfisher gets RBC upgrade as 'reasons to be cheerful' in France

DIY retailer Kingfisher has more "reasons to be cheerful" thanks to an improving French outlook, analysts at RBC Capital Markets said on Friday, while clothes seller Supergroup remains "compelling" but its shares have gained a lot in recent weeks.

17 Nov NAV on the rise as Alpha Real Estate Trust turns focus to build-to-rent market

Real estate investment group Alpha Real Trust saw its net asset value (NAV) rise in its first half of trading as it moved to make further investments in build-to-rent projects.

17 Nov Pacific Industrial & Logistics completes sale of Bedford asset

Industrial and logistics-focussed real estate investment trust Pacific Industrial & Logistics has completed the sale of an asset located at Hammond Road, Bedford, for a total consideration of £5.8m, it announced on Friday.

17 Nov DP Poland cuts ribbon on 50th Polish Domino's store

DP Poland, which holds the exclusive master franchise for the Domino’s Pizza brand in Poland, celebrated the opening of its 50th location in the country on Friday.

17 Nov Mercia Technologies makes new investment into Aston EyeTech

National investment group Mercia Technologies has made a new direct investment into Aston EyeTech - a spinout from Aston University, Birmingham - which has developed a range of proprietary hardware and software products in ocular care, it announced on Friday.

17 Nov SimiGon receives final approval for $2m Israeli Air Force order

Modelling, simulation and training solutions provider SimiGon has now received final regulatory approval for a $2m purchase order received from the Israeli Air Force, initially announced on 20 June 2016, it confirmed on Friday.

17 Nov Agriterra losses grow after 'subdued' interest in corn products

Agricultural investment group Agriterra saw losses widen in the first half of its trading year as subdued demand for its maize flour products slashed revenues by more than a third.