Stocks listless in early trade; S&P 500 headed for flat week


              Trader Christopher Cornette, center, works on the floor of the New York Stock Exchange, Thursday, June 22, 2017. (AP Photo/Richard Drew)
Trader Christopher Cornette, center, works on the floor of the New York Stock Exchange, Thursday, June 22, 2017. (AP Photo/Richard Drew)

NEW YORK (AP) - Stocks were listless in early trading on Wall Street, and the Standard & Poor's 500 index was on pace to end the week almost exactly where it started.

Crude oil, whose tumble earlier in the week was the market's dominant story, edged higher.

KEEPING SCORE: The Standard & Poor's 500 index was little changed at 2,434 as of 10 a.m. Eastern time. It's within 1 point of where it started the week.

The Dow Jones industrial average slipped 22 points, or 0.1 percent, to 21,374, and the Nasdaq composite fell 5, or 0.1 percent, to 6,230. The Russell 2000 of small-company stocks rose 3 points, or 0.3 percent, to 1,408.

More stocks rose than fell on the New York Stock Exchange.

TAKING A BATH: Bed Bath & Beyond had the sharpest loss in the S&P 500 after it reported weaker earnings for the latest quarter than analysts expected. The retailer's revenue also fell short of Wall Street's forecasts. Shares fell $3.59, or 10.6 percent, to $30.18.

HIGHER ENERGY: Energy stocks in the S&P 500 added 0.3 percent, helping to trim their loss for the week to 3.3 percent.

They had plunged earlier in the week with the tumble in the price of oil to its lowest level since August. Expectations are hardening that the world has way more crude oil available than users need.

Benchmark U.S. crude rose 33 cents to $43.04 per barrel in morning trading Friday. Brent crude, the international standard, rose 30 cents to $45.53.

STRESS FREE: Financial stocks held steady after all 34 of the largest U.S. banks passed the Federal Reserve's stress test. The test, meant to help restore confidence in the financial system following the 2008 financial crisis, checks whether banks are strong enough to withstand a deep recession.

Financial stocks in the S&P 500 dipped 0.1 percent.

YIELDS: The 10-year Treasury yield held steady at 2.15 percent. The two-year yield slipped to 1.33 percent from 1.34 percent late Thursday, and the 30-year yield ticked up to 2.73 percent from 2.72 percent.

CURRENCIES: The dollar slipped to 111.21 Japanese yen from 111.34 yen late Thursday. The euro rose to $1.1187 from $1.1147, and the British pound rose to $1.2713 from $1.2672.

MARKETS ABROAD: In Europe, France's CAC 40 fell 0.4 percent, Germany's DAX lost 0.7 percent and the FTSE 100 slipped 0.2 percent.

A monthly survey revealed that economic activity in the 19-country Eurozone slipped to a five-month low in June and below market expectations. However, the IHS Markit composite purchasing managers' index remained well into positive territory, with job creation and business confidence still strong.

Japan's Nikkei 225 index added 0.1 percent, South Korea's Kospi rose 0.3 percent and the Hang Seng in Hong Kong was close to flat.

COMMODITIES: Gold rose $9, or 0.7 percent, to $1,258.40 per ounce. Silver added 19 cents, or 1.1 percent, to $16.70, and copper rose 2 cents to $2.62 per pound. Natural gas gained 3 cents to $2.92 per 1,000 cubic feet, heating oil was close to flat at $1.37 per gallon and wholesale gasoline was virtually unchanged at $1.43 per gallon.

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