US open: Stocks drift lower ahead of Jackson Hole
Wall Street was slightly lower as investors awaited the start of the Jackson Hole symposium amid mixed earnings updates from the likes of Staples and Hormel Foods.
At 1700 BST, the Dow Jones Industrial Average was slipping 0.04% or 7.60 points to 21,819, while the S&P 500 was drifting lower by 0.05% or 1.45 points at 2,443 and the Nasdaq Composite was dipping 0.16% or 9.57 points to 6,269.
IG analyst Chris Beauchamp said: "All asset classes appear to be treading water ahead of Jackson Hole tomorrow, with investors keen to hear what the big-name central bankers will say at the meeting."
Both Federal Reserve chair Janet Yellen and European Central Bank chief Mario Draghi are scheduled to speak at the Jackson Hole symposium on Friday.
HSBC reckons it's unlikely that Yellen's views on financial stability risks have changed significantly in the past month. It said that in her speech this week she may choose to provide an updated financial stability assessment based on the four broad categories in the Fed's framework.
"If this turns out to be the case, Ms. Yellen could acknowledge that asset prices in some markets have risen towards the higher end of their historical range, according to valuation metrics such as price-to-earnings ratios.
"However, we believe the Fed Chair would likely reiterate the view that the risks of financial instability are mitigated by the strong capital position of the financial sector and by the relatively moderate rate of growth in private nonfinancial sector debt."
Meanwhile in economic news, initial US jobless claims edged higher by 2,000 to 234,000 over the week ending on 19 August (consensus: 235,000), according to the Department of Labor.
In parallel, the National Association of Realtors reported a 1.3% drop in existing US home sales on the month in July (consensus: 5.55m).
Nevertheless, Ian Shepherdson at Pantheon Macroeconomics expected they would hit a new cycle high of perhaps 5.8m before dipping again at year-end.
On the corporate front, Sears was slightly higher and off its best levels of the day after the release of its second-quarter earnings, even as Abercrombie & Fitch rocketed after posting three-month losses that were less than feared.
Office goods supplier Staples edged past analysts' forecasts with second quarter sales of $3.91bn.
Hormel Foods meanwhile was lower after the firm cut guidance for its full-year EPS.
Shares of Tiffany & Co. were slipping too, despite the company having bested analysts' forecast both at the top and bottom line level.
Dow Jones - Risers
International Business Machines Corp. (IBM) $143.13 0.70%
Merck & Co. Inc. (MRK) $62.58 0.68%
Cisco Systems Inc. (CSCO) $31.13 0.68%
Intel Corp. (INTC) $34.84 0.52%
General Electric Co. (GE) $24.48 0.37%
Chevron Corp. (CVX) $106.98 0.35%
Nike Inc. (NKE) $53.78 0.32%
Unitedhealth Group Inc. (UNH) $194.85 0.31%
Verizon Communications Inc. (VZ) $48.42 0.29%
Goldman Sachs Group Inc. (GS) $223.11 0.17%
Dow Jones - Fallers
United Technologies Corp. (UTX) $116.32 -0.61%
Travelers Company Inc. (TRV) $126.66 -0.39%
Home Depot Inc. (HD) $148.69 -0.27%
Johnson & Johnson (JNJ) $132.44 -0.27%
Boeing Co. (BA) $237.50 -0.25%
Visa Inc. (V) $102.99 -0.19%
Procter & Gamble Co. (PG) $92.31 -0.15%
American Express Co. (AXP) $85.16 -0.14%
Apple Inc. (AAPL) $159.79 -0.12%
3M Co. (MMM) $202.44 -0.11%
S&P 500 - Risers
Signet Jewelers Ltd (SIG) $63.67 22.71%
Dollar Tree Inc (DLTR) $80.41 8.19%
Patterson Companies Inc. (PDCO) $37.99 4.74%
TripAdvisor Inc. (TRIP) $43.02 4.06%
Urban Outfitters Inc. (URBN) $20.32 3.94%
PVH Corp. (PVH) $124.46 3.69%
Tenet Healthcare Corp. (THC) $16.73 3.40%
Macy's Inc. (M) $21.17 3.27%
Rockwell Collins Inc. (COL) $127.82 2.59%
Dollar General Corp (DG) $78.24 2.50%
S&P 500 - Fallers
J. M. Smucker Co. (SJM) $110.09 -7.37%
Hormel Foods Corp. (HRL) $31.80 -6.25%
ConAgra Brands Inc (CAG) $33.46 -2.22%
Mondelez International Inc. (MDLZ) $42.36 -1.71%
Campbell Soup Co. (CPB) $53.35 -1.55%
Lam Research Corp. (LRCX) $159.41 -1.42%
NRG Energy Inc. (NRG) $25.28 -1.29%
W.W. Grainger Inc. (GWW) $159.68 -1.15%
Kellogg Co. (K) $69.13 -1.12%
Kraft Heinz Co. (KHC) $83.87 -1.03%
Nasdaq 100 - Risers
Dollar Tree Inc (DLTR) $80.33 8.09%
Tractor Supply Company (TSCO) $58.30 2.31%
Expedia Inc. (EXPE) $150.09 1.49%
Dentsply International Inc. (XRAY) $54.01 1.41%
Henry Schein Inc. (HSIC) $172.77 1.36%
Mylan Inc. (MYL) $30.77 1.25%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $234.92 1.23%
Western Digital Corp. (WDC) $89.31 1.08%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $57.79 0.88%
Liberty Interactive Corporation QVC Group (QVCA) $21.34 0.85%
Nasdaq 100 - Fallers
Mondelez International Inc. (MDLZ) $42.37 -1.71%
NetEase Inc. Ads (NTES) $272.00 -1.47%
Lam Research Corp. (LRCX) $159.45 -1.39%
JD.com, Inc. (JD) $41.91 -1.25%
Ctrip.Com International Ltd. Ads (CTRP) $52.72 -1.11%
Cintas Corp. (CTAS) $132.71 -1.00%
Kraft Heinz Co. (KHC) $83.96 -0.93%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $59.67 -0.90%
American Airlines Group (AAL) $43.65 -0.84%
Netflix Inc. (NFLX) $167.99 -0.84%