US stocks mixed as investors size up earnings
U.S. stock indexes wavered between small gains and losses in late-afternoon trading Thursday as investors sized up the latest crop of company earnings.
Technology sector companies lagged the market and were down sharply on disappointing earnings from Microsoft, Google parent Alphabet and other big names.
Energy and financial companies were among the biggest gainers as the price of oil rebounded.
Absent major economic data, investors are riding the ups and downs of earnings this week, although the market swings haven't been as volatile as earlier this year, said Tom Siomades, head of Hartford Funds Investment Consulting Group.
Oil and gas companies benefited from a pickup in energy prices.
Several technology companies were down after reporting disappointing quarterly results.
American Airlines Group slid 4.1 percent after the company said weaker fares and labor costs cut into its revenue in the first quarter.
Starbucks dropped 5.2 percent after the coffee chain reported disappointing sales growth for the first three months of the year.
Natural gas gained 7 cents, or 3.5 percent, to close at $2.14 per 1,000 cubic feet.