U.S. stocks mixed in early trading
-- Global markets in Europe and Asia extend gains
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-- Havens such as gold continue to fall
Shares of financial companies rose Tuesday, but declines elsewhere pressured major U.S. stock indexes.
The Dow Jones Industrial Average added 12 points, or less than 0.1%, to 22005 shortly after the opening bell. The S&P 500 was little changed and the Nasdaq Composite slipped 0.1%.
Synchrony Financial led broad gains in shares of financial companies. Synchrony rose more than 3% on news that Warren Buffett's Berkshire Hathaway had opened a large investment in the biggest U.S. store credit-card issuer. The financials sector of the S&P 500 rose 0.6%.
The moves came as stocks around the world continued to stabilize after last week's declines, with the S&P 500 logging its biggest one-day gain since April on Monday.
Markets will continue to shrug off the likes of North Korea-U.S. tensions, so long as interest rates stay low, the labor market stays strong and the global economy stays healthy, said Dan Miller, director of equities at GW&K Investment Management.
"The stock market should continue on its merry way. Things like North Korea or events in Virginia over the weekend, the market tends to look past those events," he said.
The Federal Reserve is set to release minutes from its latest meeting on Wednesday, giving investors clues on the central bank's plans for interest rates and balance-sheet unwinding.
Federal Reserve Bank of New York President William Dudley said late Monday he expected another rate increase in 2017.
Data released Tuesday showed that U.S. retail sales jumped in July.
Sales at retailers and restaurants rose 0.6% from a month earlier, the biggest increase since December, the Commerce Department said Tuesday.
U.S. government bond prices fell, sending the yield on the 10-year U.S. Treasury note to 2.262%, according to Tradeweb, from 2.217% Monday.
The WSJ Dollar Index, which measures the currency against a basket of 16 others, was up 0.5%. The U.S. dollar rose 0.9% against Japan's yen.
Gold, which investors consider a relatively safe store of value in uncertain times, fell 1.1%.
In Europe, economic data showed growth in Germany remained solid, despite a mild slowdown in the second quarter. The Stoxx Europe 600 was recently up 0.1%.
South Korean markets were closed for Independence Day and Japan led the way higher in Asia on Tuesday. The Nikkei added 1.1%, following a 1% drop Monday.
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-- U.S. stocks mixed as retailers fall
-- Global markets in Europe and Asia extend gains
-- Havens including gold fall
Shares of several major retailers slid after their quarterly reports disappointed investors, pressuring U.S. stock indexes.
Dick's Sporting Goods, Coach and Advance Auto Parts were among the companies that fell short of expectations and contributed to declines in consumer-discretionary shares. The S&P 500 fell less than 0.1%, a day after it posted its biggest gain since April.
Despite some weakness in brick-and-mortar retailers, strong corporate results over all have kept major indexes climbing, investors and analysts said.
"In the market, what matters is earnings, earnings, earnings," said Doug Foreman, chief investment officer of investment firm Kayne Anderson Rudnick. "Most of the world is showing a dramatic improvement in corporate profitability and earnings growth, which has been pretty rare."
The Dow Jones Industrial Average rose 5 points, or less than 0.1%, to 21999. The Nasdaq Composite declined 0.1%.
Gains in shares of financial companies helped offset retailers' losses.
Synchrony Financial rose more than 4%, making it one of the S&P 500's biggest gainers, on news that Warren Buffett's Berkshire Hathaway had opened a large investment in the biggest U.S. store credit-card issuer. The financials sector of the S&P 500 rose 0.2%.
Retailers' earnings were mixed. Dick's Sporting Goods fell 23% after same-store sales fell short of expectations in the latest quarter and the company lowered its forecast for annual earnings. Advance Auto Parts shed 20% after lowering its 2017 guidance and missing analysts' estimates on profits. Coach, whose profits beat expectations but sales fell short, was down 15%.
Home Depot said it grew same-store sales and raised its outlook for the second time this year. Shares fell 2.65%.
Shares of TJX Companies, the parent of the T.J. Maxx, Marshalls and HomeGoods off-price chains, added 0.8% after reporting strong quarterly sales.
Shares of many brick-and-mortar retailers have tumbled this year as increased competition from e-commerce giants like Amazon.com have cut into profits.
The Commerce Department said Tuesday that sales at retailers and restaurants rose 0.6% from a month earlier, the biggest jump since December, attributing much of the increase to internet sales.
"The source of the retail sales is still the non big-box stores," said Tom Stringfellow, chief investment officer of Frost Investments. "It's the internet...It's Amazon Prime."
Stock markets around the world were relatively calm Tuesday after swinging last week following some weak earnings and geopolitical tensions. The Stoxx Europe 600 rose nearly 0.1%, while Japan's Nikkei Stock Average added 1.1%.
Gold for August delivery fell 0.8% to $1,273.70 an ounce.
Write to Michael Wursthorn at Michael.Wursthorn@wsj.com
(END) Dow Jones Newswires
August 15, 2017 16:59 ET (20:59 GMT)