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Category: Business, Economics and Finance / Company News / Markets / Currency / Stockmarket / Futures

Wall Street finishes flat, Wal-Mart boosts

Friday, 19 Aug 2016 06:50:41 | Rebecca Hyam Rebecca Hyan

Wall Street finished flat, with Wal-Mart rising, but Cisco losing ground. (AFP: Getty Images/Spencer Platt)

It was another fairly flat finish on Wall Street, with a fall in technology stocks offsetting gains for energy companies on the back of higher oil prices.

Markets at 8:30am (AEST)

  • ASX SPI 200 futures +0.3% to 5,491
  • AUD: 76.9 US cents, 58.4 British pence, 76.4 Japanese yen, 67.7 euro cents, $NZ1.054
  • US: Dow Jones +0.1% to 18,598, S&P 500 +0.2% to 2,187, Nasdaq +0.2% to 5,240
  • Europe: FTSE +0.1% to 6,869, DAX +0.6% to 10,603, CAC 40 +0.4% to 4,437
  • Commodities: West Texas Crude up at $US48.15 a barrel, Tapis up at $US51.25 a barrel, spot gold up at $US1,352

Retail giant Wal-Mart helped to boost the market, rising as much as 3.1 per cent to a more than 14-month high of $US75.19 after reporting a better than expected quarterly result.

The company's net income rose to $US3.77 billion in the second quarter, from $US3.48 billion a year earlier.

Sales at stores which have been open for at least a year rose 1.4 per cent, beating analysts' forecasts of a 0.9 per cent increase.

Elsewhere, network equipment provider Cisco said it would cut 5,500 jobs and offered a disappointing earnings outlook.

Shares in Cisco fell 1.7 per cent in response.

European shares recovered some of the losses from their previous session, breaking a four-day losing streak boosted by a dovish outlook in the US Federal Reserve minutes.

The local market is expected to rise modestly later this morning as investors eye a raft of earnings results from companies including Lend Lease, Woodside Petroleum and Insurance Australia Group.

The Australian dollar is worth 76.9 US cents, having strengthened overnight.

AustraliaPlus


 

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