This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stock Market Today: Stocks Mixed on Tech Sector Weakness; Apple Stumbles

Stocks in this article: ^DJI ^GSPC ^IXIC AAPL DAL TWX NFLX CVS HD USO GLD BA

NEW YORK (TheStreet) -- U.S. stock indices were mixed early Wednesday afternoon, impacted by losses in the technology sector.

Support could be found, however, in cease-fire talks between Ukraine and Russia.

The Dow Jones Industrial Average rose 0.17% to 17,097.34. The S&P 500 rose 0.08% to 2,003.79. The index earlier hit a new intraday high, reaching 2,009.28 during the day. The Nasdaq slipped 0.6% to 4,570.71. Apple (AAPL) was putting downward pressure on the S&P and Nasdaq. Shares fell 4.21% to $98.97 on calls to take profits on the stock heading into the tech giant's Sept. 9 media event.

Advancers were slightly ahead of decliners by a ratio of 1.04 to 1 on the New York Stock Exchange. Decliners had a slight edge over advancers on the Nasdaq by a 1.29 to 1 ratio. Microsoft (MSFT) was also a drag on technology shares, one of the only two sectors in the red; the other being consumer cylicals. 24 of 30 Dow components were in the green.

Read More: Sept. 3 Premarket Briefing: 10 Things You Should Know

Ukrainian President Petro Poroshenko announced he and Russian President Vladimir Putin had agreed on a "cease-fire process," correcting an earlier statement that a "permanent cease-fire" had been agreed upon. The Kremlin said the two leaders had "coincided significantly" on possible ways to end the crisis, British Broadcasting Corp. reported.

Read More: European Stocks Rally on Potential Russa/Ukraine Cease-Fire

European stock indices rallied on Wednesday, galvanized by news of the potential cease-fire and a strong performance from Asia.

Chinese indices were buoyed by HSBC Holdings plc/Markit Economics composite purchasing managers' index, which rose for the fourth straight month in August.

In the U.S., factory orders jumped 10.5% in July vs. the 11% consensus, the Census Bureau reported on Wednesday. As expected, they fell 0.8% excluding the transportation component, which was driven by big orders from Boeing (BA) . Strong underlying results such as a 1.2% rise in shipments and a June upward revision was consistent with expectations of continued manufacturing expansion.

The Federal Reserve's Beige Book report providing a snapshot of economic conditions from each of the 12 Fed districts will be released at 2 p.m. EDT.

In Wednesday's corporate headlines, CVS (CVS) , the nation's second-largest drugstore chain, is changing its name and stopping the sale of tobacco nearly a month sooner than planned. Shares were up 0.61% to $80.22.

Delta Air Lines (DAL) slumped 5.45% to $38.70 after warning of higher jet fuel costs in the third quarter and trimming operating margin and passenger unit revenue growth forecasts for the period due to the geopolitical concerns.

Home Depot (HD) , the nation's No. 1 home improvement retailer, said it's working with both banks and law enforcement to investigate "unusual activity" that would point to a major credit card data breach. The stock was down 0.91% to $90.32.

Netflix (NFLX) struck a deal with Time Warner's (TWX) Warner Bros. to secure streaming rights in the U.S. and international markets for "Gotham," a TV show that tells of the city before Batman, and is one of the fall's most anticipated new dramas, The Wall Street Journal reported, citing people familiar with the matter. Netflix advanced 0.71% to $479.98.

The United States Oil Fund LP (USO) rose 1.21% to $35.21 and the SPDR Gold Trust (GLD) added 0.3% to $122.02 as the U.S. dollar drifted lower against a basket of major currencies. U.S. stock indices ended Tuesday mixed as investors returned from the U.S. Labor Day weekend largely indecisive about their positioning despite a trio of good U.S. economic reports.

Read More: Stock Market Today: Stocks End Mixed Despite Gains in Manufacturing, Construction

 

--By Andrea Tse in New York

Follow @AndreaTTse

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs