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Stocks are going nowhere
(Investing.com)
Stocks are virtually flat in late-morning trading, following two strong days for the market.
Near 11:05 a.m. the Dow was down 38 points (0.22%), the S&P 500 was down 3 points (0.16%) and the Nasdaq was down 1 point (0.04%).
Crude oil climbed above $50 per barrel.
Brent crude, the international benchmark, and West Texas Intermediate crude futures in New York pushed above the threshold for the first time in seven months amid ongoing supply disruptions in Nigeria and Canada.
In economic data, initial jobless claims fell 10,000 to 268,000 last week — more than expected.
Durable goods orders jumped 3.4% in April, an advance report showed. That was more that the forecast for 0.5%. However, nondefense capital goods excluding aircraft fell 0.8%, more than estimated and the third straight monthly decline.
Pending home sales, a forward indicator of existing home sales, rose to the best level in a decade, rising 5.1% in April.
And so on balance, the data was mixed, showing a strong labor market, slow business spending, and a robust housing market.
Sears is exploring alternatives for four of its brands, the company said, as it reported a first-quarter loss that widened from a year ago. Its shares jumped by as much as 10% before turning negative.
Abercrombie & Fitch shares tanked 11% pre-market after the apparel retailer's sales missed analysts' expectations.
Costco is 3% higher after the company reported better-than-expected profits. Its US same-store sales flatlined for the first time in six years.
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