US stocks flat in early trade; Apple gains on Samsung woes

 12 Oct 2016 - 17:39

US stocks flat in early trade; Apple gains on Samsung woes
File Photo / Reuters.

AFP

New York: Wall Street shares were flat in early trade Wednesday as investors fretted over the rising dollar and higher US bond yields, but Apple rose again on rival Samsung's woes.

About 45 minutes into trade, the Dow Jones Industrial Average was off 0.1 percent at 18,120.30.

The broad-based S&P 500 gained 0.1 percent to 2,137.96, while the tech-rich Nasdaq Composite Index lost 0.1 percent to 5,242.60.

Investors remained cautious as the third quarter earnings season opens with worries that corporate profits overall will slide for a sixth straight quarter.

"There will be a lot to take in and assess on the earnings front in the coming weeks. For now, currency and interest rate movements are the focal point," said Patrick O'Hare of Briefing.com.

Apple jumped 0.6 percent as the markets opened, with investors expecting iPhone sales to surge after Samsung was forced to cancel production of its battery-fire prone Galaxy Note 7. 

The oil sector tumbled as crude prices fell more than one percent. ExxonMobil lost 0.7 percent and Chevron shed 1.1 percent.

Networking giant Cisco fell 2.1 percent on unexpected news that the company's chief technology officer, Zorawar Biri Singh, will leave at the end of this month. There was no reason given for Singh's sudden departure.