US stocks steady as oil prices fall; bond yields surge

NEW YORK (AP) - U.S. stocks are little changed Wednesday. Energy companies are declining with the price of oil and a weak forecast from wireless equipment maker Ericsson is putting pressure on technology stocks. Consumer companies are trading higher, and bond yields reach four-month high.

KEEPING SCORE: The Dow Jones industrial average edged up 2 points to 18,130 as of 11:27 a.m. Eastern time. The Standard & Poor's 500 index added 1 point to 2,137. The Nasdaq composite lost 4 points, or 0.1 percent, to 5,242.

NO RECEPTION: Wireless equipment maker LM Ericsson plunged after it forecast disappointing quarterly results and said it doesn't expect improvement any time soon. Its stock lost $1.43, or 20.4 percent, to $5.58. Also struggling were Cisco Systems, which lost $1.07, or 3.4 percent, to $29.97 while Juniper Networks 59 cents, or 2.4 percent, to $23.36.

TOOL UP: Stanley Black & Decker agreed to buy the tools business of consumer products maker Newell Brands for $1.95 billion. The deal will give Stanley Black & Decker brands including Irwin and Lennox and will help Newell Brands simplify its business after its purchases of Jarden and Elmer's within the last year. Stanley Black & Decker gained $2.53, or 2.2 percent, to $120.19 and Newell Brands rose 59 cents, or 1.2 percent, to $50.93.

ENERGY: Benchmark U.S. crude oil slid 58 cents, or 1.1 percent, to $50.27 a barrel in New York. Brent crude, the international standard, fell 49 cents to $51.92 a barrel in London. Among energy stocks, Valero Energy lost 99 cents, or 1.8 percent, to $53.20 and Chevron gave up $1.31, or 1.3 percent, to $101.73.

BONDS: Bond prices fell. The yield on the 10-year Treasury note climbed to 1.80 percent from 1.76 percent. While bond yields are low by historic standards, they're currently at their highest levels since the beginning of June as investors grow more certain that the Federal Reserve will raise interest rates in the coming months.

CONSUMER CLIMBERS: Consumer companies made some of the biggest gains in Wednesday trading. Home improvement retailer Lowe's picked up $1.16, or 1.7 percent, to $71.25 while electronics retailer Best Buy added $1.18, or 3.1 percent, to $39.51.

A FEEL FOR YIELD: Investors sent shares of utilities and real estate companies higher. WEC Energy picked up 55 cents, or 1 percent, to $57.14 and Crown Castle International added $1.17, or 1.3 percent, to $90.17.

UNFORTUNATE FORTINET: Network security company Fortinet fell after it released disappointing third-quarter estimates. The company said its customers are taking their time before buying, and its new sales organization struggled in North America. The stock shed $4.09, or 12 percent, to $30.01.

HUMANA HIT: Health insurer Humana said its plans received lower ratings from the Centers for Medicare and Medicaid Services, which could affect the bonus payments the company gets from the government. For 2018, the company said 37 percent of its members are now in plans rated 4 stars or higher. That's down from 78 percent a year ago. The stock fell $7.56, or 4.3 percent, to $169.97.

BARRACUDA SWIMS: Cloud-based security and storage company Barracuda Networks gained $3.04, or 13 percent, to $26.37 after it reported a larger profit and better sales than expected.

CURRENCIES: The dollar rose to 104.41 yen from 103.41 yen. The euro fell to $1.1009 from $1.1053. The British pound inched up to $1.2209 from $1.2133 but remains at its lowest levels in decades.

OVERSEAS: France's CAC 40 slipped 0.5 percent and the DAX in Germany fell 0.6 percent. Britain's FTSE 100 was down 0.7 percent. Japan's benchmark Nikkei 225 lost 1.1 percent and South Korea's Kospi inched up 0.1 percent. Hong Kong's Hang Seng slipped 1 percent.

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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay