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$615.85 4.4  0.7%

Last Trade - 16/09/21

Sector
Technology
Size
Large Cap
Market Cap £63.40bn
Enterprise Value £62.88bn
Revenue £10.61bn
Position in Universe 147th / 7151

US STOCKS-Energy, transport stocks lift Wall Street, IBM drags

Wed 18th April, 2018 8:02pm
* Oil jumps, making energy sector lead S&P gainer
    * IBM falls 7 pct after margins miss, drags on indexes
    * CSX, UAL jump on strong reports, boost Dow Transports
    * Dow down 0.08, S&P 500 up 0.25 pct, Nasdaq 0.4 pct

 (Updates to late afternoon, adds commentary, New York dateline,
changes byline)
    By Sinéad Carew
    NEW YORK April 18 (Reuters) - Wall Street edged higher in a
volatile trading session on Wednesday, with strong gains in the
energy index partly offset by weakness in industry sectors such
as technology and financials.
    A 7.6 percent slump in shares of IBM  IBM.N  was the biggest
single drag on the benchmark S&P 500 index, after the company
reported profit margins that missed Wall Street expectations.
 urn:newsml:reuters.com:*:nL3N1RU61H
    No. 3 U.S. railroad operator CSX Corp  CSX.O  jumped 6.3
percent after topping profit estimates. The news lifted shares
other railroads and powered a 2.3 percent jump in the Dow Jones
Transport index  .DJT .  urn:newsml:reuters.com:*:nL1N1RU24Q  urn:newsml:reuters.com:*:nL3N1RU60G
    "There's a lot of headlines pulling the market in different
directions. The most notable is energy prices pulling that
sector higher," said David Joy, chief market strategist, at
Ameriprise in Boston. 
    He also cited the sharp decline in IBM's stock and a drop in
financial stocks due to a flattening yield curve in U.S.
treasuries.  urn:newsml:reuters.com:*:nL1N1RV1H1
    "Earnings and the yield curve are the two biggest
influences," he said, adding that "transports are very strong
today which is a very good sign for the economy." 
    United Airlines  UAL.N  gained 6.7 percent and lifted other
airline stocks after reporting a better-than-expected quarterly
profit, helped by higher fares.  urn:newsml:reuters.com:*:nL1N1RU24Q
    At 2:47 p.m. ET, the Dow Jones Industrial Average  .DJI 
fell 20.92 points, or 0.08 percent, to 24,765.71, the S&P 500
 .SPX  gained 6.78 points, or 0.25 percent, to 2,713.17 and the
Nasdaq Composite  .IXIC  added 29.41 points, or 0.4 percent, to
7,310.51.
    Trading was choppy with the Dow swinging between positive
and negative territory. The S&P 500 briefly pared gains and the
Dow added to losses around 2 p.m. ET after a Federal Reserve
report said robust business borrowing, rising consumer spending,
and tight labor markets indicated the U.S. economy is on track
for continued growth, with trade war risks being the one big
outlier.  urn:newsml:reuters.com:*:nTLAIFEE1Y
    Oil futures  CLc1  settled up 2.9 percent due to a decline
in U.S. crude inventories and after sources signaled top
exporter Saudi Arabia wants to see crude prices closer to $100 a
barrel. The S&P energy sector  .SPSY  was up 2.3 percent.  O/R 
    Earnings at the S&P 500 companies are estimated to grow 19.4
percent in the first quarter, the biggest increase in seven
years, according to Thomson Reuters data.
    "Even though it's early in the earnings season, what you're
seeing is what folks were hoping — it is in line with
expectations," said Thomas Martin, senior portfolio manager at
GlobAlt Investments in Atlanta.
    "The growth rate is coming in slightly higher as companies
report above expectations, but it hasn't been super high."
    Tesla rose 2.4 percent after a report that the company was
aiming to ramp up production of Model 3 cars to reach its goal.
 urn:newsml:reuters.com:*:nL3N1RU5GB
    The CBOE Volatility index  .VIX  was up 0.16 points at
15.41, on track for its first daily increase after closing lower
for six days in a row.
    Lam Research  LRCX.O  fell 5.6 percent after the chip
equipment maker kept its full-year shipment forecast unchanged,
which analysts said could imply a slowdown in demand.
 urn:newsml:reuters.com:*:nL3N1RV57V
    Other chip stocks including Applied Materials  AMAT.O  also
fell, and the broader Philadelphia SE Semiconductor index  .SOX 
was down 0.8 percent.  urn:newsml:reuters.com:*:nL3N1RV55H
    

 (Additional reporting by Sruthi Shankar in Bengaluru; Editing
by Bernadette Baum)
 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))
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