Wall Street traded mildly higher today as investors digested more earnings and second-quarter GDP, a day after the Federal Reserve left interest rates unchanged.
The S&P 500 (INDEXSP:.INX) was little changed at 2,109.03 at 3:45 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) skidded less than 0.1 percent to 17,746.60, and the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) rose 0.4 percent to 5,133.10.
U.S. economic growth accelerated in the June quarter as solid consumer spending offset a drag from weak business spending on equipment, suggesting steady momentum that could bring the Federal Reserve closer to hiking interest rates this year.
With 64 percent of S&P 500 companies having reported second-quarter results, analysts expect overall earnings to edge up 1 percent and revenue to decline 3.6 percent, according to Thomson Reuters data.
DATA:
The U.S. economy expanded at an annualized 2.3 percent rate in the second quarter, while first-quarter growth was increased from negative 0.2 percent to 0.6 percent. Growth was led by consumer spending on big-ticket items such as new cars as well as home construction, the government said today.
The number of people who applied for U.S. unemployment benefits rose by 12,000 to 267,000 in week ended July 25, the government said today.
MOVERS:
Facebook (NASDAQ:FB) dropped 1.5 percent to $95.50. The world's largest social network reported second-quarter revenue that beat forecasts but its profit fell 9 percent as it sharply increased spending to boost mobile revenue and future growth.
NCR (NYSE:NCR) slid 9.5 percent to $27.49 after a report said Thoma Bravo ended a $9 billion pursuit.
ADRs of Nokia (NYSE:NOK) jumped 6.5 percent to $7.02 after the Finnish telecom-equipment company reported better-than-expected second-quarter profit.
LifeLock (NYSE:LOCK) tumbled 10.4 percent to $7.68 as the identity protection services company lowered its full-year guidance on anticipation of a recent FTC lawsuit weighing on profits.
Procter & Gamble (NYSE:PG), a consumer-goods company, slipped 4 percent to $77.39 after its fourth-quarter revenue slightly missed expectations.
Whole Foods Market (NASDAQ:WFM) slumped 12 percent to $35.94 after same-store sales growth cooled.
Skechers USA (NYSE:SKX) jumped 16.5 percent to $149.69 as the sports shoe maker and retailer reported a better-than-expected rise in quarterly revenue.
Colgate-Palmolive (NYSE:CL) fell 1.3 percent to $68.01 after the consumer-products company reported lower earnings, dragged by significant currency-related headwinds, though results met expectations.
Marriott (NASDAQ:MAR) retreated 5.1 percent to $73.08. The hotel operator earned an adjusted $0.82 per share for its latest quarter, $0.01 above estimates, but revenue came in slightly below forecasts.
Cigna (NYSE:CI) slipped 0.9 percent to $144.16. The health insurance company reported adjusted quarterly profit of $2.55 per share, beating estimates of $2.31, though revenue was slightly below forecasts.
ConocoPhillips (NYSE:COP) skidded 1.9 percent to $51.91 after the oil and gas explorer unveiled plans to further pare its spending for the year, as the company swung to a loss in its second quarter amid tumbling commodity.
COMMODITIES:
August gold settled at $1,088.40 an ounce on Comex, down 0.4 percent. December gold which is now the most-active contract, ended at $1,088.70, down 0.4 percent.
West Texas Intermediate for September delivery slipped 0.6 percent to settle at $48.52 per barrel.