Connect to share and comment

US stocks flat in early trade as buyers take pause

PlacardEnlarge
(Globalpost/GlobalPost)

US stocks were little-changed in early trade Thursday as investors took pause after the S&P 500 racked up seven straight days of gains.

Skewed data that made the weekly US jobless claims numbers unhelpful left traders with little fresh news to act on.

Thirty minutes into trade, the Dow Jones Industrial Average was down 2.84 points (0.02 percent) at 15,323.76.

The broad-market S&P 500 slipped 1.39 (0.08 percent) to 1,687.74, while the tech-rich Nasdaq Composite gained 0.33 (0.01 percent) to 3,725.34.

Apple shares bounced back slightly, gaining 0.4 percent after Wednesday's 5.4 percent beating on disappointment with its launch of two iPhone models, especially the prospects for a cheaper model's sales in China.

Women's sport apparel chain Lululemon Athletica dropped 6.1 percent after being the latest in fashion houses to deliver a report of sinking earnings and give a warning over earnings for the rest of the year.

Likewise, Men's Wearhouse sank 7.9 percent on its poor fiscal second quarter, with earnings falling 28 percent, and a reduced full-year forecast.

Pandora Media, the popular online music streamer, jumped 8.3 percent after five straight days of gains after naming a former Microsoft executive, Brian McAndrews, as its new chief executive and president, as well as board chairman.

Among Dow components, Boeing was up 0.5 percent, United Technologies 0.9 percent, and Walmart gained 0.4 percent.

Bond prices rose. The yield on the 10-year Treasury fell to 2.87 percent from 2.91 percent late Wednesday, while the 30-year dropped to 3.81 percent from 3.85 percent. Prices and yields move inversely.

pmh/vs

http://www.globalpost.com/dispatch/news/afp/130912/us-stocks-flat-early-trade-buyers-take-pause