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VOL. 42 | NO. 31 | Friday, August 3, 2018

US stocks are little changed; Yelp and Roku jump

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NEW YORK (AP) — Major U.S. indexes are little changed Thursday morning as technology stocks rise while energy companies and banks slip. Bond prices rose, sending yields lower, after the Labor Department reported that wholesale prices were little changed in July, a sign inflation pressures weakened slightly.

It's been a quiet week on Wall Street with stocks trading in narrow ranges.

KEEPING SCORE: At 10 a.m. Eastern time the S&P 500 index remained at 2,857. The Dow Jones Industrial Average rose 2 points to 25,585. The Nasdaq composite gained 9 points, or 0.1 percent, to 7,897. The Russell 2000, an index of smaller companies, gained 6 points, or 0.4 percent, to 1,692.

Stocks have edged higher this week in some of the calmest trading of the year. In Wednesday's trading only 8.5 points separated the S&P 500's highest mark from its lowest, and on Tuesday that gap was only 7.5 points.

PRICES: The Labor Department said wholesale prices were unchanged in July, a sign inflation pressure weakened a bit. Gas and food prices both slipped and soybeans prices tumbled, likely reflecting a buildup in stockpiles after China imposed tariffs on them in retaliation for U.S. duties.

Bond prices jumped. The yield on the 10-year Treasury note fell to 2.93 percent from 2.97 percent. That hurt banks, as lower interest rates make long-term loans like mortgages less profitable.

DEALS OFF: Rite Aid called off its sale to the grocery chain Albertsons following opposition from advisory firms and one of Rite Aid's biggest shareholders. The stock fell 12.1 percent to $1.53. Wall Street never showed much confidence the sale would go through.

Walgreens tried to buy Rite Aid last year, but settled for buying about half of its stores after regulators opposed the full sale.

Tribune Media withdrew from its planned sale to Sinclair Broadcasting and said it will sue Sinclair for beach of contract. Tribune rose 2.3 percent to $34.43 and Sinclair lost 4.1 percent to $26.

Both stocks plunged in mid-July when regulators expressed major concerns about the deal. Tribune has recovered a bit of its losses while Sinclair has continued to decline.

EARNINGS: Online reviews company Yelp jumped 22.3 percent to $46.72 after it raised its revenue forecast and said advertising revenue surged in the second quarter. Video streaming company Roku climbed 19 percent to $56.24 after it took a smaller loss than analysts expected while its revenue surpassed expectations.

Travel site Booking Holdings lost 5.6 percent to $1,929.58 after a weak profit forecast. Generic drugmaker Perrigo cut its forecasts because of weak results from its prescription business. The stock sank 8 percent to $72.06.

DUN TRADING: Business information provider Dun & Bradstreet agreed to be bought by a group of investors for $145 a share, or about $5.4 billion. The stock rallied 16.1 percent to $142.56.

OIL: Crude prices stabilized following a 3 percent drop a day earlier. Benchmark U.S. crude oil rose 0.4 percent to $67.24 a barrel in New York. Brent crude, the standard for international oil prices, rose 0.4 percent to $72.59 per barrel in London.

CURRENCIES: The dollar rose to 110.99 yen from 110.96 yen. The euro fell to $1.1591 from $1.1619.

OVERSEAS: The German DAX rose 0.3 percent. Britain's FTSE 100 fell 0.7 percent while France's CAC 40 declined 0.2 percent.

Hong Kong's Hang Seng index advanced 0.9 percent and the Japanese Nikkei 225 slipped 0.2 percent. South Korea's Kospi inched up 0.1 percent.

____

AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay

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