Wall Street Flat, IBM Earnings Impact Tech Stocks

U.S. stock indexes remained flat on Thursday as losses in IBM’s earnings impacted technology shares.

The Dow Jones retreated after hitting an intraday record high in the previous session, while the S&P 500 Index was just about 15 points short of from its early September record.

Eight of the 11 major S&P 500 sectors were trading lower, with technology stocks weighing the most.

IBM tumbled 6.8% after it missed market estimates for Q3 revenues as its managed infrastructure business suffered from a decline in orders.

Investors are keeping a close eye on growth outlook from companies facing rising costs, labor shortages and supply chain disruptions, with analysts expecting profit of S&P 500 companies to rise 33.7% from a year earlier.

Tesla erased early declines to rise 2.4% as investors digested the electric vehicles maker’s upbeat earnings, despite the company warning of supply-chain hurdles.
Other mega cap stocks including Facebook Inc, Apple Inc and Amazon.com Inc were mixed by early trading.