FILE - In this June 24, 2016, file photo, people walk by the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, Aug. 29. 2018. (AP Photo/Richard Drew, File)

Technology companies inch higher, but US indexes are mixed

August 29, 2018 - 7:32 am

NEW YORK (AP) — U.S. stock indexes are slightly higher Wednesday morning as technology companies continue to climb. Retailers are falling, with Dick's Sporting Goods taking sharp losses after it reported slower sales than analysts expected. The S&P 500 index is on track for its fourth gain in a row.

KEEPING SCORE: The S&P 500 index gained 3 points, or 0.1 percent, to 2,901 as of 10:15 a.m. Eastern time. The Dow Jones Industrial Average lost 12 points, or 0.1 percent, to 26,051. The Nasdaq composite added 27 points, or 0.4 percent, to 8,057.

While the S&P 500 and Nasdaq are at record highs and on pace for a four-day winning streak, smaller companies didn't do as well. The Russell 2000 index of smaller-company stocks fell 3 points, or 0.2 percent, to 1,725.

Smaller companies tend to do better than larger ones when investors are worried about trade tensions, and vice versa. Larger stocks rallied earlier this week after the White House said it had reached a preliminary deal with Mexico to replace the North American Free Trade Agreement.

TIP-TOP TECH: Technology companies continued to lead the market higher. Hewlett Packard Enterprise rose 2.8 percent to $17.22 after it announced strong third quarter results and raised its forecasts for the year.

Elsewhere, Google's parent company Alphabet gained 1 percent to $1,258.24 and Microsoft picked up 0.6 percent to $110.95. The S&P 500 technology index has jumped 33 percent over the last year while the S&P 500 has risen a still-strong 19 percent.

Roku slumped 4.3 percent to $60.29 following a report that Amazon may challenge it with an ad-supported TV service. The Information said Amazon will offer the service through its Fire TV devices, which are owned by about 48 million people. Amazon jumped 1.4 percent to $1,960.71.

CHINESE TAKEOUT: Yum China climbed 4.4 percent to $38.80 after the Wall Street Journal reported that a group of investors offered to buy it for $46 per share, or $17.6 billion. The Journal said the offer was made in recent months and that Yum China rejected it.

CRYING FOUL: Dick's Sporting Goods sank 8.5 percent to $33.29 after its sales fell short of expectations. The company said sales of Under Armour products dropped significantly because of that company's decision to expand distribution of its apparel to other stores.

Under Armour dropped 6.6 percent to $19.55. Retailers struggled in general, Chico's FAS fell 5.4 percent after its quarterly report. Elsewhere, Tiffany sank 3.8 percent to $126.09 and Macy's gave up 3.3 percent to $35.16. Gap slipped 2.7 percent to $29.87.

ENERGY: Benchmark U.S. crude rose 0.7 percent to $69.03 a barrel in New York while Brent crude, used to price international oils, gained 0.7 percent to $76.86 a barrel in London.

BONDS: Bond prices ticked lower. The yield on the 10-year Treasury note rose to 2.89 percent from 2.88 percent.

CURRENCY: The dollar rose to 111.48 yen from 111.21 yen. The euro dipped to $1.1691 from $1.1696.

OVERSEAS: Germany's DAX dipped 0.1 percent and the British FTS# slid 0.3 percent. The CAC 40 of France was little changed.

Tokyo's Nikkei 225 rose 0.1 percent while the Hang Seng in Hong Kong added 0.2 percent and Seoul's Kospi advanced 0.3 percent.

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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