US open: Stocks flat as dollar falls to 33-month low

Wall Street is trading on a mixed note heading into the weekend, alongside another slide in the US dollar to 33-month lows as Hurricane Irma made its way towards Florida and amid concerns about another potential missile launch by North Korea.

At 1524 BST, the Dow Jones Industrial Average was 0.16% or 35.38 points higher to 2,818.86, alongside a dip of 0.31% or 19.78 points to 6,378.18 while the Nasdaq Composite was off by 0.08% or 2.01 points to 2,463.50.

In parallel, the US dollar spot index was down by 0.29% to 91.40, having broker below an area of technical support dating back to 2015, according to Craig Erlam, senior market analyst at Oanda.

From a sector standpoint, the worst performing areas of the market were: Industrial Metals (-2.20%), Property & casualty (-2.19%) and Exploration & Production (-1.70%).

Also weighing on the greenback, overnight the president of the Federal Reserve bank of New York, William Dudley, said he expected the central bank would continue gradually removing monetary policy accomodation.

However, he was "surprised" by the persistent shortfall in inflation versus the Fed's target, adding that in part it might be the result of "more fundamental structural changes".

Recent changes among the top ranks of the Federal Reserve were also a concern.

CMC Markets analyst David Madden said: "The US dollar has been under pressure since Stanley Fischer stated he was stepping down next month. Mr Harker has been known to hold hawkish views but it will be interesting to see if still feels the same in light of some underwhelming US economic data."

Acting as a backdrop, traders were considering the possibility that North Korea might be preparing for a missile launch on Saturday to mark the celebration of its founding day.

At the same time, market participants were fretting about the impact of category 5 Hurricane Irma, which is expected to hit Florida at the weekend. The head of the US emergency agency is predicting a "truly devastating" impact from the hurricane, which has already left a trail of destruction across the Caribbean, leaving at least 14 people dead.

IG market analyst Joshua Mahony said: "As Hurricane Irma heads towards Florida, the likely widespread damage could impact Fed decision making, given the effect it could have on jobs, productivity and consumer spending."

Meanwhile, an 8.2-magnitude earthquake in Mexico, which killed at least five people, did nothing to help the mood.

In corporate news, shares in credit report giant Equifax tanked after disclosing that around 143m of its customers may have been compromised in a cyber security breach.

Kroger Co. stock was also under the weather after reporting an 8% drop in second quarter profits.

American Outdoor Brands was also sharply lower after posting a first-quarter loss late on Thursday.

Dow Jones - Risers

Travelers Company Inc. (TRV) $117.06 1.63%
Goldman Sachs Group Inc. (GS) $218.20 1.09%
Home Depot Inc. (HD) $159.60 1.06%
Boeing Co. (BA) $238.28 0.83%
JP Morgan Chase & Co. (JPM) $89.22 0.78%
3M Co. (MMM) $205.76 0.64%
American Express Co. (AXP) $84.82 0.49%
Procter & Gamble Co. (PG) $93.10 0.14%
Pfizer Inc. (PFE) $34.01 0.04%
Visa Inc. (V) $104.59 0.03%

Dow Jones - Fallers

Intel Corp. (INTC) $35.22 -0.91%
Verizon Communications Inc. (VZ) $45.81 -0.85%
General Electric Co. (GE) $23.82 -0.83%
Apple Inc. (AAPL) $160.05 -0.75%
Wal-Mart Stores Inc. (WMT) $79.52 -0.75%
Chevron Corp. (CVX) $111.11 -0.62%
Exxon Mobil Corp. (XOM) $78.69 -0.43%
International Business Machines Corp. (IBM) $142.37 -0.37%
Johnson & Johnson (JNJ) $131.83 -0.28%
Walt Disney Co. (DIS) $96.80 -0.27%

S&P 500 - Risers

Navient Corporation (NAVI) $13.86 5.48%
Symantec Corp. (SYMC) $31.62 3.33%
Northern Trust Corp. (NTRS) $89.09 2.59%
Endo International Plc (ENDP) $8.77 2.51%
Charles Schwab Corp. (SCHW) $39.05 2.47%
Ingersoll Rand Ltd. (IR) $87.10 2.40%
CME Group Inc. (CME) $128.75 2.39%
United Rentals Inc. (URI) $125.96 2.34%
XL Group Ltd (XL) $37.31 2.28%
Willis Towers Watson Public Limited Company (WLTW) $151.10 2.19%

S&P 500 - Fallers

Equifax Inc. (EFX) $121.73 -14.71%
Range Resources Corp. (RRC) $16.65 -7.04%
Kroger Co. (KR) $21.50 -5.60%
Freeport-McMoRan Inc (FCX) $14.37 -5.52%
Chipotle Mexican Grill Inc. (CMG) $302.72 -4.58%
Southwestern Energy Co. (SWN) $5.25 -4.55%
Chesapeake Energy Corp. (CHK) $3.70 -4.39%
EQT Corp. (EQT) $59.78 -3.75%
Marathon Oil Corp. (MRO) $11.35 -3.64%
Newfield Exploration Co (NFX) $25.31 -3.47%

Nasdaq 100 - Risers

Symantec Corp. (SYMC) $31.62 3.33%
Marriott International - Class A (MAR) $103.51 1.72%
Check Point Software Technologies Ltd. (CHKP) $112.91 1.34%
Intuitive Surgical Inc. (ISRG) $1,047.42 1.06%
Autodesk Inc. (ADSK) $115.23 1.03%
Dentsply International Inc. (XRAY) $58.38 0.95%
Mercadolibre Inc. (MELI) $260.75 0.80%
Amgen Inc. (AMGN) $182.06 0.75%
Regeneron Pharmaceuticals Inc. (REGN) $474.70 0.59%
Biogen Inc (BIIB) $325.74 0.57%

Nasdaq 100 - Fallers

Incyte Corp. (INCY) $128.44 -4.39%
Discovery Communications Inc. Class C (DISCK) $19.52 -2.89%
Discovery Communications Inc. Class A (DISCA) $20.73 -2.86%
Mattel Inc. (MAT) $15.27 -1.86%
Comcast Corp. (CMCSA) $37.89 -1.84%
Charter Communications Inc. (CHTR) $388.74 -1.74%
Nvidia Corp. (NVDA) $163.72 -1.72%
Liberty Global plc Series A (LBTYA) $32.51 -1.66%
Liberty Global plc Series C (LBTYK) $31.60 -1.65%
Sirius XM Holdings Inc (SIRI) $5.47 -1.53%