Investing.com – Stocks were flat on Monday as investors digest financial results and news that Federal Reserve Bank of New York President William Dudley is retiring early.
The S&P 500 inched forward two points or 0.09% as of 11:10 AM ET (4:10 PM GMT) while the Dow composite was flat . Tech heavy NASDAQ Composite rose 17 points or 0.26%.
Among the biggest winners in morning trading were Advanced Micro Devices (NASDAQ:AMD), which surged 5.54% after it made a deal with Intel (NASDAQ:INTC) to make a computer chip in a bid to fight off rival Nvidia. Intel was up 0.90%. Meanwhile telecommunications maker Qualcomm (NASDAQ:QCOM) increased 2.24% after semiconductor company Broadcom (NASDAQ:AVGO) made a bid for the firm in what could be the biggest technology deal in history.
Sysco (NYSE:SYY) was among the hardest hit, falling 3.87% despite its profit rising more than 3.00% in its first fiscal quarter. Telecommunications firm Verizon Communications Inc (NYSE:VZ) also slumped 4.90% while luxury car maker Tesla (NASDAQ:TSLA) dipped 1.80% as it announced its highly anticipated semi-truck will be debuted on November 16.
Meanwhile Fed Bank of New York President William Dudley announced that he was retiring in mid-2018, before his term ends in 2019. His early retirement will raise questions about the leadership of the central bank, less than a week after President Donald Trump nominated Fed Governor Jerome Powell to lead.
Stocks in Europe were down. In Germany the DAX fell six points or 0.05% while France’s CAC 40 was down five points or 0.10% and in London the FTSE 100 inched forward four points or 0.06%. Spain’s IBEX 35 lost 33 points or 0.38%. Meanwhile the pan-European Euro Stoxx 50 slipped down four points or 0.13%.
In commodities, gold futures rose 0.21% to $1,271.82 a troy ounce while crude oil futures rallied 0.43% to $55.88 a barrel amid . The U.S dollar index, which measures the greenback against a basket of six major currencies, slipped 0.10% to 94.61.