sunny.png
Wednesday July 8th, 2020 5:40PM

US stocks edge higher in early trading, extending gains

By The Associated Press
Related Articles
  Contact Editor

U.S. stock indexes edged higher in early trading Wednesday, extending modest gains from a day earlier, as investors reviewed the latest batch of company earnings reports.

Gains in consumer goods, technology and communications companies outweighed losses in health care and financial stocks.

Garmin, maker of fitness trackers and navigation technology, rose after reporting better sales. CVS Health slumped after the pharmacy operator gave a 2019 outlook that fell short of Wall Street's expectations.

Roughly 81 percent of S&P 500 companies have reported results for the last three months of 2018, delivering earnings growth of 13.1 percent versus a year earlier, according to FactSet. First-quarter snapshots are expected to result in a 2.5 percent decline in earnings, however.

The latest round of company earnings showed solid profit growth for the final three months of 2018, but caution about conditions going forward amid signs of a weaker global economy this year. Europe and China have both reported slower growth.

Investors also had their eye on Washington for any hints of progress in the latest round of trade talks between the U.S. and China. Uncertainty over the costly trade dispute between the world's largest economies has clouded the outlook for company profits.

KEEPING SCORE: The Dow Jones Industrial Average rose 6 points, or less than 0.1 percent, to 25,897 as of 10:12 a.m. Eastern Time. The benchmark S&P 500 index, which has risen for the past three weeks, gained less than 0.1 percent, while the Nasdaq composite added 0.2 percent. Major European indexes were also higher.

TRADE TALKS: Negotiators for the U.S. and China resumed talks Tuesday following discussions in Beijing last week. U.S. officials said those talks made some progress on difficult issues such as China's blueprint for making its industries world leaders in advanced technologies such as robotics and artificial intelligence.

The Trump administration has raised tariffs on billions of dollars' worth of Chinese goods and the U.S. is due to increase them on March 2, following a 90-day truce to allow time for the negotiations now underway. President Donald Trump has indicated the deadline might be extended if progress is being made.

Vice Premier Liu He, China's economy czar, was due to arrive in Washington on Thursday, China's state media reported, after two days of preliminary talks by lower-level officials.

FEELING FIT: Shares in Garmin jumped 14.5 percent after reporting better sales.

SOLID QUARTER: Cadence Design Systems climbed 5.1 percent after the software and engineering services company's latest quarterly results topped Wall Street's forecasts.

UNDER THE WEATHER: CVS Health slumped 8.6 percent after the pharmacy operator beat fourth-quarter earnings forecasts. The company also issued a 2019 outlook that fell short of analysts' estimates.

CEO Larry Merlo said in a prepared statement that 2019 would be "a year of transition" as the company integrates the health insurer Aetna, which it purchased in a roughly $69 billion deal last year. A federal judge is still evaluating the acquisition.

ENERGY: U.S. benchmark crude fell 0.1 percent to $56.05 a barrel in New York. Brent crude, the standard for international oil prices, dropped 0.2 percent to $66.30 a barrel in London.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Chicago prosecutor recuses herself from Jussie Smollett case
Chicago's top prosecutor has recused herself from the investigation into the attack reported by "Empire" actor Jussie Smollett
11:02AM ( 5 minutes ago )
Rhode Island marks 16th anniversary of nightclub fire
Rhode Island is marking the 16th anniversary of a nightclub fire that killed 100 people and injured more than 200
10:54AM ( 14 minutes ago )
French court hits Swiss bank UBS with $5.1 billion penalty
A French court has ordered Swiss bank UBS to pay more than 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities
10:38AM ( 30 minutes ago )
Associated Press (AP)
Commodities giant Glencore to cap coal output over climate
Commodities giant Glencore says it will cap how much coal it mines amid shareholder pressure to reduce emissions to greenhouse gases
9:31AM ( 1 hour ago )
Britain urges Germany to ease curbs on arms sales to Saudi
Britain's top diplomat is demanding that Germany relax its ban on arms sales to Saudi Arabia because they are affecting UK sales of weapons to the oil-rich kingdom
8:49AM ( 2 hours ago )
French court hits Swiss bank UBS with $4.2 billion fine
A French court has ordered Swiss bank UBS to pay more than 3.7 billion euros ($4.2 billion) in fines for helping wealthy French clients evade tax authorities
8:40AM ( 2 hours ago )
AP Business
Artist probes Russia's toxic legacy through family history
A Russian artist has put a spotlight on what he calls "the ruins of a Soviet mythology" with a new exhibit that focuses on the chemical industry in his hometown
7:28AM ( 3 hours ago )
Indian court orders top industrialist to pay Ericsson $77M
Indian court orders top industrialist to pay Ericsson $77M, threatens jail time for noncompliance
6:35AM ( 4 hours ago )
Budget carrier FlyDubai ends 2018 with $43.5M loss
FlyDubai says revenues rose to $1.7 billion in 2018, but the company ended the year with a loss of $43.5 million
4:40AM ( 6 hours ago )
AP Business - Corporate News
World shares mostly higher on upbeat talk on China-US trade
World shares advance on reports Trump upbeat on China-US trade talks
7:20AM ( 3 hours ago )
Asian shares mixed following advance on Wall Street
Asian shares mixed following advance on Wall Street
1:25AM ( 9 hours ago )
Japan trade deficit highest in 5 yrs, hit by China doldrums
Japan's exports sink 8.4 percent in January, hit by slowdown in China
12:19AM ( 10 hours ago )
AP Business - Economy
US stocks mixed ahead of more China-US trade talks
Stocks wavered between small gains and losses in morning trading on Wall Street Tuesday as U.S. markets reopened following the Presidents Day holiday and as investors sized up the latest company earnings reports
11:27AM ( 23 hours ago )
World stocks turn lower ahead of more China-US trade talks
Stock are mostly down in Europe and Asia and U.S. markets looked set to open lower as Chinese and U.S. negotiators gear up for more trade talks.
7:16AM ( 1 day ago )
World shares mixed ahead of China-US trade talks
World shares mixed ahead of China-U.S. trade talks in Washington
4:38AM ( 1 day ago )
AP Business - Financial Markets
Putin focuses on social issues in state-of-the-nation speech
President Vladimir Putin has focused on social needs in his state-of-the-nation address, promising to raise social payments, improve the struggling health care and education and remove toxic dump sites from cities
5:31AM ( 5 hours ago )
APNewsBreak: Feds share watchlist with 1,400 private groups
The federal government is acknowledging it shares its terrorist watchlist with more than 1,400 private entities, including hospitals and universities
5:30AM ( 5 hours ago )
China, Iran meet amid efforts to preserve nuclear deal
The foreign ministers of China and Iran are meeting amid efforts to preserve the 2015 nuclear deal with Iran
5:04AM ( 1 day ago )
AP Business - Industries
Merkel defends Iran deal, multilateralism but Pence resists
German Chancellor Angela Merkel has robustly defended European powers' decision to stand by the Iran nuclear deal but U.S. Vice President Mike Pence promptly accused Europe of once again undermining the United States
7:46PM ( 3 days ago )
The Latest: Merkel defends Iran deal; Pence blasts Europe
German Chancellor Angela Merkel has drawn lengthy applause for her spirited defense of a multilateral approach to global affairs and her support for Europe's decision to stand by a nuclear deal with Iran
4:20PM ( 3 days ago )
The Latest: Kerry 'ashamed' Pence didn't note climate change
Former U.S. Secretary of State John Kerry says he's ashamed that Vice President Mike Pence didn't mention climate change at an international security conference and is vowing to help make it a voting issue
1:32PM ( 3 days ago )
AP Business - Utilities
Chicago prosecutor recuses herself from Jussie Smollett case
Chicago's top prosecutor has recused herself from the investigation into the attack reported by "Empire" actor Jussie Smollett
11:02AM ( 5 minutes ago )
Rhode Island marks 16th anniversary of nightclub fire
Rhode Island is marking the 16th anniversary of a nightclub fire that killed 100 people and injured more than 200
10:54AM ( 14 minutes ago )
French court hits Swiss bank UBS with $5.1 billion penalty
A French court has ordered Swiss bank UBS to pay more than 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities
10:38AM ( 30 minutes ago )
Costume Designers Guild honors Ruth E. Carter, Glenn Close
The Costume Designers Guild says the Afro-futuristic wardrobes in 'Black Panther,' the 18th century ensembles in 'The Favourite' and the glitzy costumes in 'Crazy Rich Asians' were among the best costumes of the year
10:37AM ( 30 minutes ago )
Civilian evacuation signals possible end to standoff with IS
Trucks carrying civilians leave last enclave held by Islamic State militants in eastern Syria
10:37AM ( 31 minutes ago )