U.S. markets open in 5 hours 45 minutes
  • S&P Futures

    3,839.25
    +11.25 (+0.29%)
     
  • Dow Futures

    31,385.00
    +14.00 (+0.04%)
     
  • Nasdaq Futures

    12,870.25
    +38.50 (+0.30%)
     
  • Russell 2000 Futures

    2,196.50
    -3.50 (-0.16%)
     
  • Crude Oil

    62.95
    -0.58 (-0.91%)
     
  • Gold

    1,761.20
    -14.20 (-0.80%)
     
  • Silver

    26.93
    -0.75 (-2.71%)
     
  • EUR/USD

    1.2152
    -0.0034 (-0.28%)
     
  • 10-Yr Bond

    1.5180
    0.0000 (0.00%)
     
  • Vix

    28.02
    +6.68 (+31.30%)
     
  • GBP/USD

    1.3952
    -0.0061 (-0.43%)
     
  • USD/JPY

    106.0700
    -0.1600 (-0.15%)
     
  • BTC-USD

    45,601.57
    -4,939.25 (-9.77%)
     
  • CMC Crypto 200

    912.57
    -20.57 (-2.20%)
     
  • FTSE 100

    6,626.96
    -25.00 (-0.38%)
     
  • Nikkei 225

    28,966.01
    -1,202.26 (-3.99%)
     

Dow Ends Flat as Energy Slip Offsets Tech Strength

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

By Yasin Ebrahim

Investing.com - The Dow closed just below the flatline Thursday as strength in tech, led by a rally Intel (NASDAQ:INTC) and Apple, was offset by weakness in energy.

The Dow Jones Industrial Average fell 0.04%, or 12 points. The S&P 500 was up 0.03%, while the Nasdaq Composite gained 0.55%. The S&P and Nasdaq closed at record highs.

Apple (NASDAQ:AAPL) rose 4% as analysts continued to talk up the stock ahead of its quarterly report due Jan. 27.

Morgan Stanley (NYSE:MS) raised its price target on Apple to $152 from $144 on expectations that high demand for the iPhone 12 will see unit growth return, while services will get a boost from the work-from-home trend.

"Given positioning into the quarter is muted after the rotation out of high-quality stocks over the past several months, we expect strong follow-through post-earnings and are buyers into the print," Morgan Stanley said.

Intel rallied 6% after the chipmaker reported blowout quarterly earnings and raised its annual dividend by 5%. Shares, however, fell slightly after the close.
Consumer stocks were also among the biggest gainers, led by a jump in Ford.

Ford (NYSE:F) rose 6% ahead of its earnings as investors look ahead to further guidance from automaker on a number of key models including its new EV strategy. Ford reports earnings on Feb. 4.

Energy, however, fell 4% as oil prices fell following data on Wednesday showing a surprise build in weekly U.S. crude supplies.

The sector was also dragged lower by Exxon Mobil (NYSE:XOM), down 3%, after Jefferies (NYSE:JEF) initiated coverage on the oil major at underperform, with a $39 target, on worries over its dividend coverage.

Industrials were in the red, paced by a 6% slump in United Airlines (NASDAQ:UAL) after the carrier indicated that the recovery in air travel wasn't likely to bounce back as quickly as many expect.

United Airlines said 2021 would be a "transition year that's focused on preparing for a recovery."

American Airlines Group (NASDAQ:AAL), Southwest Airlines (NYSE:LUV), and Delta Air Lines (NYSE:DAL) also traded lower.

In other news, homebuilders rallied after data showed housing starts rose by the fastest pace since 2006. The iShares U.S. Home Construction ETF (NYSE:ITB) jumped 1.5%.

Related Articles

Biden administration pauses federal drilling program in climate push

JPMorgan board holds CEO Dimon's annual pay at $31.5 million

Ford to recall 3 million vehicles for air bags that could rupture