Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Overnight Markets: Wall Street closes flat on mixed earnings

Overnight Markets: Wall Street closes flat on mixed earnings

The Standard & Poor’s 500 Index set another record closing high as Facebook Inc. rallied on higher revenue, and growth in global manufacturing offset a drop in home sales.

The S&P 500 rose just one point to end at 1,988, its second record closing high in a row. The Dow Jones industrial average fell three points or 0.02% to close at 17,084. The Nasdaq Composite shed two points to finish at 4,472.

Investors shrugged off the latest economic data as US claims for initial jobless benefits fell to a seasonally adjusted 284,000, the lowest since mid-February 2006. New home sales declined 8.1% in June, the biggest drop in almost a year. The PHLX housing sector index lost 3%, marking its biggest one-day drop since February.

Facebook Inc (FB.O) jumped 5.2% and hit an intraday record high of $76.74 a day after the world's No. 1 social network reported earnings and revenue that beat expectations.

Caterpillar Inc (CAT.N) raised its full-year outlook but posted a decline in sales, pushing its stock down 3.1%.

Among the companies that reported results after the closing bell, Amazon.com Inc (AMZN.O) shares fell 9.7% after the online retailer reported a second-quarter loss that was wider than expected.

Visa Inc (V.N), the world's largest credit and debit card company, reported earnings growth of 11%, but the Dow component's stock fell 3.3% in extended-hours trading.

Starbucks Corp (SBUX.O) posted revenue that was slightly higher than expected. The coffee chain's stock slipped 0.7% in after-hours trading.

Baidu Inc (BIDU.O) rose 6.4% in extended-hours trading after China's biggest Internet search company reported results that were much stronger than had been expected.

In Asia, shares oscillated between gains and losses on Friday as industrial shares gained and energy producers fell.

The MSCI Asia Pacific Index slipped less than 0.1% to 148 as of 10:30 a.m. in Tokyo, reversing a gain of 0.2%. Japan’s Topix index gained 0.4%. Hong Kong’s Hang Seng Index was little changed, while China’s Shanghai Composite Index gained 0.4%.

South Korea’s Kospi index added 0.3%. Australia’s S&P/ASX 200 Index lost 0.3% and New Zealand’s NZX 50 Index was little changed. Singapore’s Straits Times Index slid 0.2%, while Taiwan’s Taiex index dropped 0.6%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter