United States stocks little changed in early trading

United States stocks little changed in early trading

The Nasdaq composite index lost 26 points, or 0.3 percent, to 7,826. Netflix, which disappointed investors last week, was down about 3 percent in after-hours.

But while the Nasdaq and the S&P 500 slumped, the Dow rose, in part on the strength of industrial stocks.

At 8:39 a.m. ET, Nasdaq 100 e-minis were down 51.75 points, or 0.69 percent and S&P 500 e-minis were down 4 points, or 0.14 percent.

"It's going to be hard for markets today with such a massive market cap stock down so much", said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.

Facebook shares dived almost 20 percent early Thursday after it signaled it expects weaker growth, pushing the Nasdaq decisively lower.

The S&P 500 index fell 5 points, to 2,840, and the Dow Jones industrial average gained 128 points, or 0.5 percent, to 25,543, buoyed after the European Union and the United States agreed to negotiate on trade.

Facebook, which closed at an all-time high of $217.50 on Wednesday to $176.26, after warning investors that it sees slower revenue growth ahead, and that its user base and revenue grew more slowly than expected in the second quarter.

But talks held late on Wednesday between President Donald Trump and a European Union delegation gave markets cause for encouragement after both sides agreed to work on a pact to dismantle trade barriers. But the Dow component stuck to its full-year earnings per share guidance to $14.3 to $14.5, below analysts' expectations.

Disney and Fox shareholders have officially approved massive merger
Shareholders have approved Walt Disney's takeover of 21st Century Fox in a $71 billion deal, both companies announced Friday. Results were announced at both companies' special shareholders' meetings, held in NY .

Cubs affected most from the Cole Hamels trade
Chatwood walked six batters in the Cubs' 7-6 walk-off victory over Arizona on Thursday, giving him 85 walks in 94 innings. Hamels is due what's left on his $23.5 million salary, plus a $6 million buyout on next year's club option.

Prominent names grace Akash Ambani and Shloka Mehta engagement ceremony
For the royal couple's engagement , who's who from the cricket, Bollywood and business fraternity have arrived at the venue. Mukesh and Nita Ambani are scheduled to host over 100 guests on Saturday to celebrate Akash and Shloka's engagement.

Of the 148 S&P 500 companies that have reported earnings so far, 85.8 percent have topped estimates.

The S&P and the Nasdaq had already been boosted earlier in the trading session by gains in the technology sector. NXP dropped 6 percent.

McDonald's dipped 0.4 percent after USA same-restaurant sales missed estimates even as the fast-food chain posted better-than-expected quarterly results.

Chief Financial Officer David Wehner said shareholders can expect "revenue growth rates to decline by high-single-digit percentages from prior quarters" for the third and fourth quarter. After the bell, Ford Motor Co also lowered its profit forecast, and its shares dropped more than 4 per cent in after-hours trading. Also weighing down the Nasdaq were Align Technology Inc, which lost 4.4%, Electronic Arts, which dropped 2.4%, and Amazon.com, which was down 2.3%.

OIL: Benchmark U.S. crude rose 6 cents to $69.36 per barrel in NY. The yield on the 10-year Treasury rose to 2.98 percent from 2.97 percent.

Major stock indexes in Europe rose. The euro strengthened to $1.1652 from $1.1645. Hong Kong's Hang Seng index edged 0.1 percent lower.

The Russell 2000 was up slightly.

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