US stocks flat on lackluster earnings news
NEW YORK: US stocks ended little changed on Monday as lackluster earnings reports from McDonald's and others fed concerns that equities were overpriced after the S&P index's run to record highs last week.
Investors also showed a reluctance to make aggressive bets ahead of Tuesday's release of US payrolls data for September, which was delayed by the recent government shutdown.
"You could be seeing some profit-taking" after last week's highs, said Uri Landesman, president of Platinum Partners, which manages more than US$1 billion in assets in New York. "You could also see some profit-taking off a weak jobs number tomorrow or in advance of the number today."
Netflix shares rose 11 percent in after-hours trading on the release of its earnings report that said the company added 1.3 million US streaming customers in September. Netflix's third quarter net income reached US$32 million, up from US$8 million a year earlier.
Texas Instruments Inc shares were up 0.3 percent after the company's earnings beat estimates. Analysts had expected US$3.23 billion in third-quarter revenue, but the technology manufacturer reported US$3.24 billion.
The Dow was lower after McDonald's Corp fell following a weak fourth-quarter outlook. A rally in Apple Inc shares after a brokerage ratings upgrade helped the Nasdaq.
Advancers and decliners were about evenly split on the New York Stock exchange.
The Dow Jones industrial average was down 7.64 points, or 0.05 percent, at 15,392.01. The Standard & Poor's 500 Index was up 0.14 points, or 0.01 percent, at 1,744.64. The Nasdaq Composite Index was up 5.77 points, or 0.15 percent, at 3,920.05. -- Reuters