US STOCKS-Wall St little changed; tech gains offset energy losses

Traders work on the floor of the New York Stock Exchange (NYSE) in New york city City, U.S., July 26, 2016.

Reuters/Brendan McDermid

<articleLocation” > U.S. stocks were little changed on Friday after Alphabet and Amazon’s strong results lifted innovation stocks, assisting balance out losses in energy shares. Investor sentiment was also dented by a slower-than-expected development in U.S. gdp. Exxon shares fell 4 percent and Chevron 2 percent as a slump in oil costs injure their quarterly results. The two stocks were the greatest drags on the S&P 500 index and the Dow. However, a 4.6 percent jump in shares of Google’s moms and dad Alphabet (GOOGL.O) and a 1.5 percent increase in Amazon.com (AMZN.O) assisted keep the S&P and the Nasdaq in positive area. “I believe there is some unfavorable response to the statement by the Bank of Japan. The financial information and profits reports were likewise not amazing today,” stated Paul Nolte, portfolio supervisor at Kingsview Asset Management.

The Bank of Japan expanded stimulus on Friday by doubling purchases of exchange-traded funds, but the relocation disappointed financiers who were searching for bolder steps. At 11:04 a.m. ET, the Dow Jones Industrial Average.DJI was down 21.02 points, or 0.11 percent, at 18,435.33. The S&P 500. SPX was up 2.97 points, or 0.14 percent, at 2,173.03.

The Nasdaq Composite index.IXIC was up 8.48 points, or 0.16 percent, at 5,163.46. Six of the 10 major S&P 500 indexes were lower, with the energy sector’s. SPNY 1.26 percent drop making it the leading loser. “Energy prices have actually been weak for sometime now, however markets have chosen to ignore them, I think today’s relocation might bring the marketplaces’ focus back on energy,” Nolte stated.

Baidu (BIDU.O) dropped 5.2 percent to $157.13 after the Chinese Internet internet search engine posted its biggest quarterly profit decrease given that going public. The stock weighed the most on the Nasdaq. Health insurance company Cigna (CI.N) dropped 5 percent after reporting a lower-than-expected quarterly profit. Advancing concerns surpassed decliners on the NYSE by 1,629 to 1,201. On the Nasdaq, 1,486 concerns fell and 1,124 advanced. The S&P 500 index revealed 31 brand-new 52-week highs and one new low, while the Nasdaq tape-recorded 60 brand-new highs and 21 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D’Silva).

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