U.S. stock indexes wavering in morning trading; oil slides

Alex Veiga, The Associated Press</span>
Published Monday, August 7, 2017 12:22AM EDT
Last Updated Monday, August 7, 2017 11:33AM EDT

U.S. stock indexes wavered between small gains and losses in morning trading Monday as investors sized up the latest company earnings and deal news. Gains in technology and consumer-focused companies were offsetting losses among energy and financial stocks. Oil headed lower.

KEEPING SCORE: The Standard & Poor's 500 index was up less than 1 point to 2,477 as of 11:20 a.m. Eastern time. The Dow Jones industrial average slipped 2 points to 22,090. The Nasdaq composite added 20 points, or 0.3 per cent, to 6,372. The Russell 2000 index of smaller-company stocks lost 1 point, or 0.1 per cent, to 1,410.

THE QUOTE: "So far, it's pretty quiet," said Erik Davidson, chief investment officer at Wells Fargo Private Bank. "It's still summer, with overall things going pretty well, with the market at these all-time highs."

TECH CLIMBS: Technology companies were leading the market's gainers. KLA-Tencor rose $2.96, or 3.3 per cent, to $91.79.

CHOW DOWN: Tyson Foods gained 5.5 per cent after the meat processor's forecasts pleased investors. The company also turned in fiscal third-quarter results that beat Wall Street's estimates. The stock added $3.51 to $66.81.

CHIPPER RESULTS: ON Semiconductor rose 4.1 per cent on stronger-than-expected second-quarter earnings and revenue. The stock gained 62 cents to $15.72.

DONE DEAL: NxStage Medical vaulted 28.3 per cent after the medical device company agreed to be acquired by Germany's Fresenius Medical Care AG & Co. for $30 a share in a cash deal valued at about $2 billion. NxStage shares added $6.56 to $29.70.

MISSTEP: Armstrong Flooring slumped 16.9 per cent after the company's latest quarterly results fell well short of analysts' forecasts. The stock slid $2.93 to $14.36.

PUMPED OUT: Energy companies were among the biggest decliners as crude oil prices headed lower. Chesapeake Energy fell 17 cents, or 3.9 per cent, to $4.36, while Hess shed $1.51, or 3.4 per cent, to $42.85.

OIL: Benchmark U.S. crude was down 89 cents, or 1.8 per cent, to $48.69 per barrel in New York. It added 55 cents to $49.58 per barrel on Friday. Brent crude, the international standard, was down 84 cents, or 1.6 per cent, to $51.58 a barrel in London.

CURRENCIES: The U.S. dollar climbed to 110.81 from 110.67 yen on Friday. It weakened, however, against the euro, which rose to $1.1792 from $1.1769. The euro was below $1.06 as recently as April, before the dollar began weakening steadily.

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.26 per cent from 2.27 per cent late Friday.

MARKETS OVERSEAS: In Europe, Germany's DAX fell 0.4 per cent, while France's CAC 40 was essentially flat. The FTSE 100 in Britain edged 0.2 per cent higher. In Asia, Hong Kong's Hang Seng index added 0.5 per cent, while South Korea's Kospi rose 0.1 per cent.

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