Wall Street ends flat; Netflix jumps after the bell

Traders work on the floor of the NYSE in New York
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 17, 2017. REUTERS/Brendan McDermid

July 17, 2017

By Rodrigo Campos and Kimberly Chin

NEW YORK (Reuters) – U.S. stocks closed little changed in low volume on Monday as gains in utilities and consumer stocks offset declines in healthcare, with earnings news filtering out winners and losers across the board.

BlackRock shares <BLK.N> fell 3.1 percent to $424.63 after the world’s biggest asset manager’s quarterly profit came in below expectations.

After the closing bell, Netflix <NFLX.O> shares jumped 8.5 percent to $175.45 following better than expected subscriber growth.

Procter & Gamble <PG.N> rose 0.5 percent to $87.55 as investor Nelson Peltz actively seeks a seat on P&G’s board.

Health stocks on the S&P 500 <.SPXHC> slipped, partly weighed down by a delay in the U.S. Senate’s consideration of healthcare legislation after news over the weekend that Arizona Republican Senator John McCain would remain in his home state next week following a medical procedure.

“I think we’ve got to see some dry ink on the healthcare bill before you can make broad bets on that sector,” said Erick Ormsby, CEO of Alcosta Capital Management in San Ramon, California.

“[A] bulk of funds will come in as we see clarity on [the] healthcare bill.”

The Dow Jones Industrial Average <.DJI> fell 8.02 points, or 0.04 percent, to 21,629.72, the S&P 500 <.SPX> lost 0.13 points, or 0.01 percent, to 2,459.14 and the Nasdaq Composite <.IXIC> added 1.97 points, or 0.03 percent, to 6,314.43.

The S&P health sector fell 0.3 percent while utilities gained 0.4 percent and the consumer discretionary sector rose 0.26 percent.

Amazon <AMZN.O> led discretionary sector gains with a 0.8 percent increase to $1,010.04. Meal-kit company Blue Apron Holdings <APRN.N> fell 10.5 percent to $6.59 after an Amazon unit filed a trademark for a competing meal-kit service earlier this month.

Advancing issues outnumbered declining ones on the NYSE by a 1.28-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.

In what could be the slowest full session by volume so far this year, about 5.16 billion shares changed hands on U.S. exchanges, compared with the 6.51 billion daily average over the last 20 sessions.

(Reporting by Rodrigo Campos and Kimberly Chin; Editing by Nick Zieminski)

  • DC Cooper

    The Pentagon is wasting $33 billion dollars and Trump ain’t saying a word about. Their own Inspector General is submitting reports and they are being ignored. Want to build a wall, that would cover it nicely.

  • 808Americans

    Good for them.
    Now how about our tax cuts???

  • HarryObrian

    Doesn’t really matter does it? Up or down earnings that is… or could the fact that President Trump is out wasting time creating a new slogan of Made in America Again be the tell for down earnings that will actually matter?

    • Joe

      I wouldn’t call that “wasting time”….
      Wasting time was TPP (Trans-Pacific-Partnership) that Obama created and Trump killed….TPP was a US jobs killer (high paying jobs too). All of it was a waste of time…but if Hillary had won and TPP made law then that “waste of time” would of been catastrophic for us…

      • HarryObrian

        I agree with your TPP comment but President Trump doesn’t need to do the photo-op with the hats and t-shirts and bumper stickers, he needs to enact legislation that implements the things we voted for. Stop talking about them like they’re done and do them. We had enough grandstanding with the lawn jockey of the last 8 years whose muslim name is dripping like syphillis all over the place and unfortunately that anti-American empty chair actually had the evil flying monkeys to get stuff done, from BOTH sides of the aisle.