U.S. open: Wall Street trades flat despite gains for bank shares

Reuters     
       A passerby in Tokyo walks under a TV screen reporting news about North Korea's latest missile launch

At 1732 BST, the Dow Jones Industrial Average was edging higher by 0.04% or 10.15 points at 22,128.38, alongside a dip of 0.02% to 2,495.89 for the S&P 500 while the Nasdaq Composite was lower by 0.05% or 3.22 points to 6,451.50.

For the week, the Dow Jones gained 2.16%, the S&P 500 gained 1.56% and the Nasdaq gained 1.37%. Preliminary data showed volume rose sharply on both the Nasdaq and the NYSE exchanges.

Sep 14 is a positive day so far for Guggenheim Dow Jones Indl Avg Div ETF (NYSEARCA:DJD) as the ETF is active during the day after gaining 0.26% to hit $31.5 per share.

US stocks advanced Friday, with the Dow extending its record-breaking streak to four days, as tech shares led the market higher. The storm also had an impact on consumer sentiment, which fell slightly in August (http://www.marketwatch.com/story/consumer-sentiment-falls-slightly-in-september-amid-hurricane-concerns-2017-09-15).

"Retail sales numbers from the USA are pretty disappointing".

The Dow rose 34 points, or 0.2 percent, to 22,237.

US crude settled unchanged at $49.89 per barrel and Brent rose 15 cents to settle at $55.51 a barrel. "This is significant because it feeds into the consumer spending numbers for GDP and marks quite a slowdown from the3.3% annualised pace of growth seen in 2Q", Knightley added.

The strength in chip makers offset weakness in Oracle Corp.(ORCL), which fell 7.7% after the software giant's outlook late Thursday came in below Wall Street's expectations.

Airlines were expected to be in focus in early trading after JP Morgan issued a note on the sector.

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Boeingrose 1.36% after Deutsche Bank raised its price target on the aerospace and defense stock.

Pundits put the drop in vehicle sales to higher gasoline prices as markets reacted to Hurricane Harvey. "The price is coming down so quickly that it's helping demand".

The unexpected decrease in retail sales largely reflected a sharp drop in sales by motor vehicle and parts dealers, which plunged by 1.6 percent in August after coming in unchanged in July.

On the data front, USA retail sales declined unexpectedly in August and were revised lower for July, raising question marks about the consumer-led recovery.

Teekay Tankers Ltd's stock rose in screen-based trading after the company authorized a US$45mln stock buyback program.

Wholesale gasoline rose 3 cents to $1.66 a gallon.

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