Stocks little changed as S&P 500 approaches record high

Dow Jones Industrial Average fall on weak energy stocks

Dow Jones Industrial Average fall on weak energy stocks

The industrial index fell 0.3 percent as a drop in shares of trade-sensitive stocks such as Boeing and Caterpillar dragged.

The S&P 500 is up 13.23 points, or 0.5 percent.

The Nasdaq is up 79.77 points, or 1 percent.

The producer's price index remained unchanged in July, while economists polled by Reuters expected a gain of 0.2 percent.

The S&P 500 was just 1 percent shy of a record it hit on January 26 on Tuesday as an estimated 24 percent jump in earnings from S&P companies underscored the strength of the world's biggest economy and corporate sector.

Microchip Technology shares fell 10.9 per cent after a disappointing second-quarter revenue forecast.

The Nasdaq composite declined 52.67 points, or 0.7 per cent, to 7,839.11.

"There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now", said Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois.

The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market.

Telecommunication outperforms other major sectors. Shares of Apple rose 0.8 per cent, while those of Amazon were up 0.6 per cent.

Year to date, the Dow Jones has a gain of 4.29%, the S&P 500 has gained 7.73% and the Nasdaq Composite has a return of 14.74%. Rite Aid fell 11.5 per cent after the drug store chain and U.S. grocer Albertsons Cos agreed to terminate their merger agreement.

Rite Aid (RAD.N) fell 10.6 percent and was the most actively traded stock after the drug store chain and USA grocer Albertsons Cos ABS.N agreed to terminate their merger agreement.

"We have been in a tug of war between broadly positive economic conditions and the uncertainty of trade risk", said Bill Northey, senior vice president at U.S. Bank Wealth Management in Helena, Montana.

Advancing issues outnumbered decliners by a 1.80-to-1 ratio on the NYSE.

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