US stocks flat as big earnings week kicks off

Author: app/afp

NEW YORK: Wall Street stocks opened little changed on Monday as a heavy week of earnings kicked off with solid reports from Bank of America and toymaker Hasbro.

Bank of America climbed 0.6 per cent and Hasbro 5.1 per cent after both reported better-than-expected profits. Despite those results, analysts say US corporations overall remain mired in an “earnings recession” with the S&P 500 expected to notch its fifth straight quarter of declining operating profits, said Chief Investment strategist Sam Stovall at S&P Global.

This week’s schedule includes reports from Microsoft, General Electric and Netflix. Five minutes into trade, the Dow Jones Industrial Average was at 18,153.88, up 0.1 per cent. The broad-based S&P 500 rose 0.1 per cent to 2,134.02, while the tech-rich Nasdaq Composite Index shed less than 0.1 per cent to 5,212.33.

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