US stocks slip as banks and technology companies decline

U.S. stocks are little changed Friday, keeping indexes near record highs following a six-day winning streak. Technology companies, which have led the market's recent rally, are flat overall. Video game companies are falling as Wall Street was disappointed by forecasts from GameStop. Consumer-focused companies rose.

KEEPING SCORE: The Standard & Poor's 500 index held steady at 2,414 as of 10:40 a.m. Eastern time. The Dow Jones industrial average was little changed at 21,082. The Nasdaq composite stayed at 6,204. The Russell 2000 index of small-company stocks sank 6 points, or 0.4 percent, to 1,377.

GAME OVER: GameStop's first-quarter results were stronger than analysts expected, but sales of wireless devices were weaker than investors expected. The stock gave up $1.80, or 7.6 percent, to $21.82. Video game publishers also fell. Electronic Arts lost $1.08 to $112.75 and Activision Blizzard slumped 46 cents to $58.76.

EARNINGS: Without much major news to move stock prices, investors continued to trade on company reports. Beauty products retailer Ulta Beauty gained $11.26, or 3.8 percent, to $304.30 after reporting a strong quarter. Competitor Coty picked up 52 cents, or 2.8 percent, to $19.12. Uggs maker Deckers Outdoor turned in earnings that were stronger than expected, and its stock gained $10.10, or 17.9 percent, to $66.67. Costco Wholesale rose $4.28, or 2.4 percent, to $179.01 after the warehouse club had a strong quarter as sales and member payments both increased.

ECONOMY: The Commerce Department said the U.S. economy grew 1.2 percent in the first quarter, which was still weak but better than it originally estimated. Orders for long-lasting goods fell in April, and a category that tracks business investment fell for the second month in a row.

OIL: Crude oil prices inched higher after a sharp drop the day before. Benchmark U.S. crude lost rose 28 cents to $49.18 a barrel in New York. Brent crude, the international standard, rose 23 cents to $51.69 a barrel in London. On Thursday a group of 24 nations including the OPEC countries agreed to a nine-month extension of a cut in oil production.

BONDS: Bond prices edged higher. The yield on the 10-year Treasury note fell to 2.24 percent from 2.25 percent and banks took small losses.

CURRENCIES: The dollar sank to 111.20 yen from 111.80 yen. The euro fell to $1.1172 from $1.1205.

OVERSEAS: The French CAC 40 fell 0.1 percent and Germany's DAX lost 0.2 percent. In Britain the FTSE 100 rose 0.4 percent. Japan's benchmark Nikkei 225 index shed 0.6 percent but the South Korean Kospi climbed 0.5 percent. Hong Kong's Hang Seng was nearly unchanged.



Add Comment

all comments

  Other news

more
Dreamworld tragedy sparks industrial manslaughter laws

Dreamworld tragedy sparks industrial manslaughter laws..

23-Aug, 05:20

Australian authorities are set to bring in new industrial manslaughter...

How Strictly Come Dancing will pay tribute to their dear friend Sir Bruce Forsyth

How Strictly Come Dancing will pay tribute to their dear friend Sir Bruce Forsyth..

23-Aug, 13:50

Sir Bruce Forsyth and Strictly Come Dancing went hand in hand, so it's no...

Robert De Niro and Benjamin Millepied suit up for new Ermenegildo Zegna campaign

Robert De Niro and Benjamin Millepied suit up for new Ermenegildo Zegna campaign..

23-Aug, 08:00

Robert De Niro and Benjamin Millepied suit up for new Ermenegildo Zegna...

Celebritiy Big Brother's Jamie O'Hara blasts rumoured girlfriend Lady Victoria Hervey and accuses her of being unfaithful with mystery man

Celebritiy Big Brother's Jamie O'Hara blasts rumoured girlfriend Lady Victoria Hervey and..

23-Aug, 14:31

However, it looks like the pair have hit a rough patch, after the...

Teen found dead after suspected kidnapping near Virginia mosque

Teen found dead after suspected kidnapping near Virginia mosque..

19-Jun, 07:18

The remains found in Virginia pond on Sunday are believed to be those of...

A Room With a (Space-ious) View

A Room With a (Space-ious) View..

04-Mar, 13:20

Imagine yourself, sometime in the next decade, with a fantastic idea for...

S. Koreans want new leader to create jobs minus corruption

S. Koreans want new leader to create jobs minus corruption..

07-May, 00:40

Creating jobs, ending corruption and boosting stubbornly low birthrates...

'Deadpool 2' production resumes after stunt driver killed on set

'Deadpool 2' production resumes after stunt driver killed on set..

17-Aug, 16:50

Production for "Deadpool 2" has resumed after a stunt driver was killed...