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NEW YORK (AP) — Stocks were mixed in morning trading on Wall Street Thursday morning as traders didn’t find much to get excited about in the latest batch of earnings reports from U.S. companies.
Insurer MetLife sank 3 percent after reporting earnings and revenue that came in well below analysts’ forecasts. Ralph Lauren plunged 11 percent after announcing that Stefan Larsson, who took over as CEO for Ralph Lauren less than two years ago, is leaving the company.
KEEPING SCORE: The Standard & Poor’s 500 index slipped a fraction to 2,279 as of 10:50 a.m. The Dow Jones industrial average fell 7 points, less than 0.1 percent, to 19,883. The Nasdaq composite edgedc up 1 point to 5,644. Slightly more stocks rose than fell on the New York Stock Exchange.
SECTORS: Six of the 11 sectors in the S&P 500 index fell, led by phone companies and materials stocks. Real estate companies and consumer goods makers.
CENTRAL BANKING: The Bank of England kept its main interest rate on hold at a record low of 0.25 percent on Thursday but revised up its growth forecasts for the British economy, which has held up better than many forecasters predicted in the aftermath of last June’s vote to leave the European Union. On Wednesday the U.S. Federal Reserve left interest rates on hold, as expected.
OVERSEAS: In Europe, Germany’s DAX slipped 0.3 percent while the CAC 40 in France rose 0.1 percent. The FTSE 100 index of leading British shares was 0.7 percent higher. Japan’s benchmark Nikkei 225 index slipped 1.2 percent as the stronger yen weighed on exporters, while South Korea’s Kospi dipped 0.5 percent. Hong Kong’s Hang Seng lost 0.6 percent.
BONDS, CURRENCIES: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.44 percent. The euro rose to $1.0817 from $1.0774 and the dollar fell to 112.26 yen from 113.09 yen.
ENERGY: Benchmark U.S. crude fell 27 cents, or 0.5 percent, to $53.63 a barrel on the New York Mercantile Exchange. Brent crude, the benchmark for international oil prices, lost 19 cents, or 0.3 percent, to $56.62 a barrel in London.
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