Markets Right Now: A Mixed Start for US Stocks as Tech Drags

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Source:   —  April 22, 2016, at 6:28 PM

m. Eastern U. S. stocks are off to a mixed start as gains in banks and energy companies are being offset by weakness in the technology sector.

The Latest on financial markets (all times local):

9:35 a. m. Eastern

U. S. stocks are off to a mixed start as gains in banks and energy companies are being offset by weakness in the technology sector.

Oil and gas companies benefited from increases in energy prices, but Microsoft dropped seven % after reporting disappointing earnings. Google parent Alphabet also fell four % after its results fell brief of forecasts.

Several other companies were also emotional on earnings news. Visa fell two % after cutting its income forecast for the year, while railroad operator Norfolk Southern jumped eight % rose as it slashed costs.

The Dow Jones industrial average edged up eight points, or 0.1 percent, to 17.991.

The Standard & Poor's five hundred index was tiny changed at 2.092. The technology-heavy Nasdaq composite fell thirty-four points, or 0.7 percent, to 4.911.

11:35 a. m.

Disappointing earnings statements out of the U. S. from the likes of Microsoft and Alphabet, the corporate parent of Google, are weighing on European stock markets.

Germany'south DAX is down 0.2 % at 10.417 while the CAC-40 in France has fallen 0.1 % at 4.579. The FTSE one hundred index of leading British shares is down 0.7 % at 6.339.

Despite the falls, it'south been a excellent week for stock markets around the world.

Chris Beauchamp, market analyst at IG, says "the dip is nothing more than a bit of extended profit-taking" at the moment.

However, he's warning that "the current optimistic atmosphere could turn sour very quickly" should more horrible numbers arrive out of the U. S. Top of the agenda Friday are McDonald'south and General Electric.

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