US STOCKS ended little changed last night as lacklustre earnings reports from McDonald’s and others fed concerns that equities were overpriced after the S&P index’s run to record highs last week.
Investors also showed a reluctance to make aggressive bets ahead of today’s release of US payrolls data for September, which was delayed by the recent government shutdown.
“You could be seeing some profit-taking after last week’s highs,” said Uri Landesman, president of Platinum Partners in New York. “You could also see some profit-taking off a weak jobs number, or in advance of the number today.”
Netflix shares rose 11 per cent in after-hours trading on the release of its earnings report that said the company added 1.3m US streaming customers in September. Netflix’s third quarter net income reached $32m, up from $8m a year earlier.
Texas Instruments shares were up 0.3 per cent after the company’s earnings beat estimates.
The Dow was lower after McDonald’s fell following a weak fourth-quarter outlook. A rally in Apple shares after a brokerage ratings upgrade helped the Nasdaq.
The Dow Jones industrial average was down 7.64 points, or 0.05 per cent, at 15,392.01. The Standard & Poor’s 500 Index was up 0.14 points, or 0.01 per cent, at 1,744.64. The Nasdaq Composite Index was up 5.77 points, or 0.15 per cent, at 3,920.05.