Stocks Mostly Higher Early Tuesday 11/13 09:15
U.S. stock indexes were mostly higher in early trading Tuesday, erasing some
of the losses from a steep, technology-driven sell-off a day earlier.
(AP) -- U.S. stock indexes were mostly higher in early trading Tuesday,
erasing some of the losses from a steep, technology-driven sell-off a day
earlier. Gains in banks and technology companies outweighed losses elsewhere in
the market. Crude oil prices headed sharply lower, continuing a long downturn.
Bond prices rose, sending yields lower.
KEEPING SCORE: The S&P 500 index rose 11 points, or 0.4 percent, to 2,737 as
of 10:10 a.m. Eastern Time. The Dow Jones Industrial Average edged up 16 points
to 25,393. The Nasdaq composite gained 46 points, or 0.6 percent, to 7,246. The
Russell 2000 index of smaller companies picked up 9 points, or 0.6 percent, to
US-CHINA TRADE: The South China Morning Post reported Chinese President Xi
Jinping's top economic adviser might visit Washington ahead of Xi's planned
meeting with President Donald Trump. The newspaper, citing unidentified
sources, said the visit is aimed at easing trade tensions but no schedule had
been decided. The two sides have raised tariffs on billions of dollars of each
other's goods in a dispute over U.S. complaints about Beijing's technology
policy. Xi and Trump are due to meet during this month's Group of 20 gathering
of major economies in Argentina.
TECH REBOUND: Technology stocks were trading higher, erasing some of the
sector's hefty losses from a day earlier. Chipmaker Nvidia climbed 2.7 percent
REVVED UP: Advance Auto Parts vaulted 8.3 percent to $181.01 after the
retailer reported strong quarterly results and raised its forecast.
COSTS A CONCERN: Home Depot fell 1.3 percent to $177.04 as rising costs
overshadowed the home-improvement retailer's latest quarterly results, which
topped Wall Street's estimates.
MIXED MEAL: Tyson Foods dropped 6.5 percent to $57.58 after the meat
producer's quarterly earnings beat analysts' estimates, but revenue fell short.
The company also issued a weak outlook, noting that it faced higher labor and
ENERGY: Benchmark U.S. crude slid 2.2 percent to $58.62 a barrel in New
York. Brent crude, used to price international oils, dropped 2.2 percent to
$68.56 a barrel in London.
Oil prices were down after Trump tweeted that he hoped Saudi Arabia and OPEC
would not cut production. The remarks come after Saudi Arabia said this week
that the oil cartel and allied crude producers will likely need to cut
supplies, perhaps by as much as 1 million barrels of oil a day.
BOND YIELDS: Bond prices rose. The yield on the 10-year Treasury note fell
to 3.16 percent from 3.19 percent late Friday. Bond trading was closed Monday
for Veterans Day.
CURRENCIES: The dollar gained to 113.95 yen from 113.86 yen on Monday. The
euro strengthened to $1.1272 from $1.1240.
MARKETS OVERSEAS: European markets rose. Germany's DAX gained 0.7 percent,
while France's CAC 40 added 0.4 percent. London's FTSE 100 rose 0.3 percent. In
Asia, Tokyo's Nikkei 225 fell 2 percent. Sydney's S&P-ASX 200 declined 1.8
percent. Hong Kong's Hang Seng gained 0.5 percent. Seoul's Kospi gave up 0.4
percent and India's Sensex added 0.4 percent.