US open: Wall Street little changed as oil prices stabilise

By Sharecast News

Sharecast News | 22 Jun, 2017

Updated : 15:19

Wall Street's main indices were little changed in early trading as oil prices recovered their footing and against a backdrop of solid readings on the jobs and housing markets.

At 1504 BST, the Dow Jones Industrial Average was off by just 0.01% or 1.75 points at 21,415, while the S&P 500 was down by 0.03% to 6,227 and the Nasdaq Composite was declining 0.12% to 6,227.

From a sector standpoint, biotechnology shares were doing best, advancing 3.43% alongside gains of 1.95% for Pharma shares and a 0.89% advance for Clothing&Accesories (0.89%).

Meanwhile, oil prices were recovering from Wednesday's heavy losses, with West Texas Intermediate up 0.9% to $42.90 a barrel and Brent crude rising 1.3% to $45.21.

Prices slipped into bear market territory earlier in the week amid worries about growing supply from Nigeria, Libya and the US. They briefly gained ground on Wednesday following a report that Iran's oil minister said Iran and other OPEC members were mulling further cuts, but later fell back.

Market participants were still waiting for Federal Reserve governor Jerome Powell to begin his testimony before the Senate Banking Committee on bank reform.

In an interview with the FT, Philly Fed chief Patrick Harker said it would be prudent to wait until December before hiking interest rates again.

Meanwhile, and in economic news, home prices in the US increased by 0.7% month-on-month in April (consensus: 0.5%), according to the FHFA.

In parallel, the Department of Labor reported that initial jobless claims for the week ending on 16 June edged higher by 3,000 to 241,000 (consensus: 240,000).

On the corporate front, stock in Oracle was sharply higher after the software-maker's Co-chief executive officer, Safra Catz, guided towards full-year sales growth next year of between 4% and 6%.

Dow Jones - Risers

Visa Inc. (V) $94.54 0.00%
McDonald's Corp. (MCD) $153.82 0.00%
Procter & Gamble Co. (PG) $89.40 0.00%
Intel Corp. (INTC) $34.58 0.00%
Wal-Mart Stores Inc. (WMT) $76.24 0.00%
JP Morgan Chase & Co. (JPM) $87.12 0.00%
American Express Co. (AXP) $82.21 0.00%
Exxon Mobil Corp. (XOM) $81.44 0.00%
Verizon Communications Inc. (VZ) $45.41 0.00%
Unitedhealth Group Inc. (UNH) $184.92 0.00%

Dow Jones - Fallers

S&P 500 - Risers

Archer-Daniels-Midland Co. (ADM) $41.25 0.00%
Wells Fargo & Co. (WFC) $52.99 0.00%
People's United Financial Inc. (PBCT) $17.32 0.00%
Stryker Corp. (SYK) $140.76 0.00%
Sl Green Realty Corp. (SLG) $106.53 0.00%
Philip Morris International Inc. (PM) $120.19 0.00%
Goldman Sachs Group Inc. (GS) $222.49 0.00%
Mattel Inc. (MAT) $19.99 0.00%
Comerica Inc. (CMA) $72.35 0.00%
Estee Lauder Co. Inc. (EL) $97.33 0.00%

S&P 500 - Fallers

Nasdaq 100 - Risers

Fiserv Inc. (FISV) $125.38 0.00%
Starbucks Corp. (SBUX) $59.96 0.00%
Cisco Systems Inc. (CSCO) $31.84 0.00%
NetEase Inc. Ads (NTES) $323.73 0.00%
Micron Technology Inc. (MU) $32.01 0.00%
Western Digital Corp. (WDC) $91.03 0.00%
Liberty Global Plc Lilac Class A (LILA) $20.71 0.00%
JD.com, Inc. (JD) $41.09 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $123.58 0.00%
Alphabet Inc. Class A (GOOGL) $978.59 0.00%

Nasdaq 100 - Fallers

Liberty Global plc Series C (LBTYK) $27.85 0.00%
Texas Instruments Inc (TXN) $79.67 0.00%
Activision Blizzard Inc. (ATVI) $60.68 0.00%
Alphabet Inc. Class C (GOOG) $959.45 0.00%
American Airlines Group (AAL) $48.43 0.00%
Skyworks Solutions Inc. (SWKS) $103.30 0.00%
Cognizant Technology Solutions Corp. (CTSH) $67.91 0.00%
PACCAR Inc. (PCAR) $62.75 0.00%
Netflix Inc. (NFLX) $155.03 0.00%
CA Inc. (CA) $35.80 0.00%

US open: Wall Street little changed as oil prices stabilise

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