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Overnight Markets: IBM pulls Dow Jones lower
The energy sector slumped 1.2% as oil prices fell more than 4%.
US stocks shed early gains on Wednesday as investors waded through the latest round of earnings, while a decline in oil prices weighed on the energy sector.
The Dow Jones Industrial Average fell 80 points, or 0.39%, to 20,443, the S&P 500 was flat lost 0.16 points, or 0.01 percent, to 2,342.03 and the Nasdaq Composite added 23 points, or 0.39%, to 5,873.
IBM plunged 4.7% after the company reported a bigger-than-expected decline in revenue for the first time in five quarters. The stock was the biggest drag on the S&P and the price-weighted Dow.
The energy sector slumped 1.2% as oil prices fell more than 4% after US data showed a counter-seasonal build in gasoline inventories and a smaller-than-expected decline in overall crude stocks. US crude fell below $52 a barrel for the first time in two weeks.
Morgan Stanley rose 2.9% after posting a surge in quarterly profit, taking some of the sting out of a disappointing report from Goldman Sachs on Tuesday.
Intuitive Surgical up 7.1% after the company reported higher-than-expected first-quarter revenue and profit. The stock was on track for its best day in nearly two years.
American Express, eBay and Qualcomm are scheduled to report results after the market closes.
The US economy expanded at a modest-to-moderate pace between mid-February and the end of March, but inflation pressures remained in check despite more difficulties in attracting and retaining workers, the Federal Reserve said.
In Asia, shares erased early losses and edged higher on Thursday as signs of resilience emerged in some markets amid steadying commodity prices.
In Japan, Nikkei Stock Average 225 gained 0.31%, while Australia’s ASX All Ordinaries Index rose 0.12%. In South Korea’s KOSPI Index gained 0.33%. In Hong Kong, the Hang Seng added 0.35%, while China’s Shanghai Composite Index was down 0.07%.
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