mostlycloudy
Sunday July 15th, 2018 3:21PM

US stock indexes mixed; tech recovery offsets telecom losses

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — U.S. stock indexes were mixed on Tuesday as some of the year's biggest winners picked themselves back up following recent stumbles.

Technology stocks recovered some of their sharp losses from Monday and the prior week, which helped offset drops for telecom stocks and other areas of the market.

KEEPING SCORE: The Standard & Poor's 500 index rose 1 point, or 0.1 percent, to 2,640, as of 12:26 p.m. Eastern time. It flipped between modest gains and losses through the morning.

The Dow Jones industrial average fell 40, or 0.2 percent, to 24,249, and the Nasdaq composite rose 35, or 0.5 percent, to 6,811.

More stocks fell than rose on the New York Stock Exchange.

TECH CLIMBS: Chip makers and internet companies helped lead the way, with technology stocks in the S&P 500 rising 0.9 percent. It was the biggest gain by far of the 11 sectors that make up the index.

Micron Technology jumped $1.81, or 4.5 percent, to $41.71 for the largest gain in the S&P 500.

It's a return to dominance for tech stocks, which have been this year's biggest winners due to strengthening profits and expectations for continued growth. Tech stocks in the S&P 500 rose twice as much as the overall index through the first 11 months of the year.

Tech began stumbling last week as expectations ramped up that Congress would be able to push through its plan to overhaul the tax system. Technology companies already pay some of the lowest effective tax rates of companies in the S&P 500, so they have less to gain from the proposal. Plus, some skeptics have argued that tech stocks had become too pricey relative to their earnings.

That led to a 1.9 percent drop for tech stocks in the S&P 500 on Monday, as investors shifted out of the sector and into companies that stand to benefit most from lower corporate tax rates, such as telecoms and financial companies.

The Senate passed its version of a tax overhaul over the weekend, and it will try to reconcile that with the House's version before sending it to President Donald Trump to sign.

REVVED UP: AutoZone rose after reporting higher revenue and profit for the latest quarter than analysts expected. The auto parts company's stock rose $5.33, or 0.8 percent, to $715.10.

AutoZone's is the latest in a long line of corporate profit reports that have shown not only growth but more than Wall Street had forecast. The improving earnings have been one of the main reasons for the S&P 500's roughly 18 percent climb this year to record heights.

MARKETS ABROAD: European stock markets were down modestly as negotiations continue for the United Kingdom's pending departure from the European Union.

France's CAC 40 dipped 0.3 percent, and Germany's DAX fell 0.1 percent. The FTSE 100 in London lost 0.2 percent.

In Asia, Tokyo's Nikkei 225 index slipped 0.4 percent, Hong Kong's Hang Seng index dropped 1 percent and the Kospi in South Korea gained 0.3 percent.

YIELDS: Yields on Treasurys inched lower, as bond prices rose. The yield on the 10-year Treasury note dipped to 2.36 percent from 2.37 percent late Monday.

CURRENCIES: The dollar ticked up to 112.71 Japanese yen from 112.60 yen late Monday. The euro dipped to $1.1823 from $1.1855, and the British pound fell to $1.3442 from $1.3471.

COMMODITIES: Benchmark U.S. crude rose 36 cents to $57.83 per barrel. Brent crude, the international standard, gained 61 cents to $63.06 per barrel.

Gold slipped $11.50 to $1,266.20 per ounce, silver lost 27 cents to $16.11 per ounce and copper dropped 12 cents to $2.97 per pound.

___

AP Business Writer Elaine Kurtenbach in Tokyo contributed to this report.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Beal has career-high 51, Wizards down Trail Blazers 106-92
Bradley Beal scored a career-high 51 points, and the Washington Wizards bounced back from a demoralizing loss the night before to beat the Portland Trail Blazers 106-92
1:44AM ( 17 minutes ago )
APNewsBreak: Network news accusers form victim support group
Women who say they were sexually harassed or mistreated by powerful men in television news are banding together to form a support network aimed at changing newsroom culture
1:33AM ( 29 minutes ago )
IOC: Russians can compete at Olympics, but without flag
Russian athletes will be allowed to compete at the upcoming Pyeongchang Olympics, but not under their country's flag
1:28AM ( 33 minutes ago )
Associated Press (AP)
Judge considers whether ricin suspect should remain detained
A federal judge will consider whether a woman accused of manufacturing ricin and testing the deadly toxin on fellow residents of a senior living facility in Vermont should continue to be detained
12:19AM ( 1 hour ago )
Terry Crews sues agent over alleged groping incident
Terry Crews has filed a lawsuit against the man he claims groped him at a Hollywood party last year
8:17PM ( 5 hours ago )
Delivery robots will need permits to roam San Francisco
Delivery robots in San Francisco will need permits before they can roam city sidewalks under legislation approved by supervisors
7:59PM ( 6 hours ago )
AP Business
Dish CEO Charlie Ergen steps aside to focus on wireless
Charlie Ergen, the founder of satellite TV company Dish, is stepping aside as CEO to focus on the company's wireless business
1:18PM ( 12 hours ago )
US stock indexes mixed; tech recovery offsets telecom losses
U.S. stock indexes ticked higher on Tuesday as some of the year's biggest winners picked themselves back up following recent stumbles
12:30PM ( 13 hours ago )
YouTube says over 10,000 workers will help curb shady videos
YouTube says more than 10,000 workers will be helping curb videos that violate its policies from the platform
11:47AM ( 14 hours ago )
AP Business - Corporate News
Leaders seek to end GOP fissures over bill averting shutdown
Top Republicans are trying to quell GOP divisions and line up support for a short-term spending bill that would avert a partial government shutdown Saturday
4:55PM ( 9 hours ago )
S&P 500 drops to third straight loss after tech rally fades
Another afternoon fizzle for stocks left the Standard & Poor's 500 index with its third straight loss on Tuesday
4:37PM ( 9 hours ago )
Tech stock recovery fades; US stock indexes flip to losses
U.S. stock indexes ticked higher on Tuesday as some of the year's biggest winners picked themselves back up following recent stumbles
3:24PM ( 10 hours ago )
AP Business - Economy
Global shares decline after tech stock tumble on Wall Street
Global shares decline after tech stock tumble on Wall Street
4:54AM ( 21 hours ago )
Asian shares decline after tech stocks slump on Wall Street
Shares decline in Asia after tech stock tumble on Wall Street
1:08AM ( 1 day ago )
Asian shares steady after tech stocks slump on Wall Street
Shares steady in Asia despite tech stock tumble on Wall Street
11:13PM ( 1 day ago )
AP Business - Financial Markets
Beal has career-high 51, Wizards down Trail Blazers 106-92
Bradley Beal scored a career-high 51 points, and the Washington Wizards bounced back from a demoralizing loss the night before to beat the Portland Trail Blazers 106-92
1:44AM ( 17 minutes ago )
APNewsBreak: Network news accusers form victim support group
Women who say they were sexually harassed or mistreated by powerful men in television news are banding together to form a support network aimed at changing newsroom culture
1:33AM ( 29 minutes ago )
IOC: Russians can compete at Olympics, but without flag
Russian athletes will be allowed to compete at the upcoming Pyeongchang Olympics, but not under their country's flag
1:28AM ( 33 minutes ago )
US homeless count rises, pushed by crisis on the West Coast
A surge in homelessness on the West Coast has pushed the annual national count to nearly 554,000, the first time the number has gone up since 2010
1:23AM ( 38 minutes ago )
US flies B-1B over South in show of force against N. Korea
The United States flew a B-1B supersonic bomber over South Korea in part of a massive combined aerial exercise involving hundreds of warplanes, a clear warning after North Korea tested its most powerful missile yet
1:16AM ( 46 minutes ago )