Wall Street mixed as oil prices sink

Published: May 26, 2018 12:17:21 | Updated: May 28, 2018 15:52:33

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US stocks witnessed mixed trend on Friday as a steep drop in oil prices pressured the energy stocks, the S&P 500 index and the Dow Jones Industrial Average were slightly lower while Nasdaq Composite edged up.

At 9:52 am ET, the Dow Jones Industrial Average was down 72.70 points, or 0.29 per cent, at 24,739.06, the S&P 500 was down 7.82 points, or 0.29 per cent, at 2,719.94.

However, the Nasdaq Composite was up 6.15 points, or 0.08 per cent, at 7,430.58, reports Reuters.

Crude oil prices declined more than 2.5 per cent, or about $2 per barrel, after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014.

The S&P energy index slid 2.8 per cent, on track for its biggest one-day percentage decline since Feb. 8. All the 31 components of the index were in the red.

Shares of Exxon and Chevron both fell more than 2.0 per cent, while service firms Schlumberger, Halliburton and producers Occidental Petroleum and ConocoPhillips were down between 3.0 per cent and 4.2 per cent.

Foot Locker jumped 9.9 per cent following a better-than-expected quarterly profit, lifting shares in Nike which has a partnership with the footwear retailer.

Among decliners, apparel retailer Gap plunged 11.2 per cent after quarterly same-store sales missed estimates.

Autodesk fell 3.4 per cent after the AutoCAD owner forecast second-quarter profit below expectations.

Declining issues outnumbered advancers for a 1.52-to-1 ratio on the NYSE and for a 1.09-to-1 ratio on the Nasdaq.

The S&P index recorded nine new 52-week highs and no new lows, while the Nasdaq recorded 42 new highs and 11 new lows.

The Markets are closed on Monday for the Memorial Day holiday.

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