Share

US stocks little changed after big deals

New York - US stocks finished mixed on Monday following prominent corporate deals and a drop in pending home sales as investors looked ahead to fresh earnings and labor market data.

The Dow Jones Industrial Average gained 22.02 points (0.13%) to 16 982.59.

The broad-based S&P 500 rose 0.57 (0.03%) to 1 978.91, while the tech-rich Nasdaq Composite Index dropped 4.65 (0.10%) to 4 444.91

Dollar Tree announced a $9.2bn deal to acquire fellow discount retailer Family Dollar, while real estate website Zillow announced it was buying rival Trulia in a $3.5bn stock deal.

US pending home sales slipped 1.1% in June to 102.7, according to an index by the National Association of Realtors Monday.

Peter Cardillo, chief market economist at Rockwell Global Capital, said investors are avoiding big bets ahead of a busy calendar that includes a Federal Reserve policy decision on Wednesday, Friday's July labour market report and earnings from Pfizer, ExxonMobil and other corporate giants.

"It's just cautiousness ahead of the (Fed) and certainly ahead of the Friday's employment report," he said.

Dow member Microsoft fell 1.2% as it confirmed it was under investigation by antitrust authorities in China. A source familiar with the matter said that some Microsoft offices in China have been raided as part of the investigation, but did not elaborate.

Smith & Wesson dropped 0.7% after the US Securities and Exchange Commission fined the gunmaker $2m for bribing officials in Indonesia, Pakistan and other countries to gain sales deals.

Tyson Foods jumped 2.6% on plans to divest its Mexican and Brazil poultry businesses to Brazil's giant meatpacker JBS for $575m. JBS owns Tyson's US rival Pilgrim's Pride.

Tyson meanwhile announced a 4.4% rise in third-quarter earnings to $260m and projected "at least" 10% growth in earnings-per-share in 2015.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.49% from 2.47% on Friday, while the 30-year advanced to 3.26% from 3.24%. Bond prices and yields move inversely.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders