Stocks Totter, Tech Issues Slump In Wall Street

Stocks wobbled between small gains and losses on Wall Street Tuesday, August 10, 2021, as losses from technology companies offset gains from banks and industrial companies, Damian J. Troise reported for the Associated Press (AP).

Photo Insert: The view of the New York Stock Exchange from Wall Street

The S&P 500 fell less than 0.1% as of 11:19 a.m. Eastern. The Dow Jones Industrial Average rose 129 points, or 0.4%, to 35,231 and the Nasdaq fell 0.6%.

The majority of companies in the benchmark S&P 500 made gains, but they were kept in check by technology companies, which have an outsized weight on the index.

Banks made some of the strongest gains as bond yields edged higher. Banks benefit from higher yields, which allow them to charge higher interest rates on loans. The yield on the 10-year Treasury rose to 1.34% from 1.31% late Monday.

Oil prices pulled up after sliding most of the last week and into Monday. US benchmark crude oil rose 3.2% and helped lift energy stocks. Exxon Mobil rose 1.5%.

Inflation concerns and the Federal Reserve’s future plans to ease up on its support for low-interest rates also hang over the markets. Earnings season is wrapping up with several big names.

AMC Entertainment, which was battered by movie theater closures during the pandemic, rose 1.2% after reporting surprisingly good second-quarter results.

eBay will report its results on Wednesday and Walt Disney will report results on Thursday. Kansas City Southern jumped 7.4% after Canadian Pacific raised its offer for the railroad operator, reigniting a bidding war with Canadian National.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC