Published: Mon, August 13, 2018
Markets | By Erika Turner

US Stock futures flat as trade fears counter strong earningsNaija247news

US Stock futures flat as trade fears counter strong earningsNaija247news

The S&P 500 was up 0.59 points, or 0.02 percent, at 2,858.29.

The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 per cent below its record high from January 26.

"When we see the earnings growth in 2018, the multiples are reasonable at that record level", said Art Hogan, chief market strategist at B. Riley FBR in NY.

Walt Disney fell 1.2 percent and was the biggest decliner on the bluechip Dow after its quarterly profit missed estimates. You worry about the effects on Europe.

The S&P 500 is up 159.67 points, or 6 per cent.

S&P 500 e-minis were down 4.25 points, or 0.15 percent and Nasdaq 100 e-minis were down 20.75 points, or 0.28 percent.

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Rite Aid (RAD.N) fell 10.6 percent and was the most actively traded stock after the drug store chain and USA grocer Albertsons Cos ABS.N agreed to terminate their merger agreement.

Crude oil prices failed to make a decisive recovery on Thursday even though the US sanctions against Iran went into effect on Thursday and the S&P 500 Energy Index closed the day 0.9% lower. Tribune shares rose 2.9 percent.

Bank shares led the way lower in the U.S.as Bank of America, Goldman Sachs and Morgan Stanley all dropped at least 1 percent.

Shares in trade-sensitive companies fell. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric vehicle maker private, according to data from financial technology and analytics firm S3 Partners. The Nasdaq Composite also pulled back 0.7 percent to 7,839.11 and snapped an eight-day winning streak.

"We have been in a tug of war between broadly positive economic conditions and the uncertainty of trade risk", said Bill Northey, senior vice president at U.S. Bank Wealth Management in Helena, Montana.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favoured advancers.

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