Thursday's early trade: Dow, S&P slip as tech losses outweigh oil gains

The S&P 500 and the Dow Jones Industrial Average reversed course after hitting record intraday highs late Thursday morning as losses in tech stocks offset the impact of a surge in oil prices. Oil rose more than 2 percent after data showed a surprise decline in US inventories, suggesting a global oversupply may be ending. The S&P 500 energy index jumped 0.6 percent, led by gains in Exxon and Chevron. The sector also provided the biggest boost to the broader index.
The technology sector, however, dropped 0.3 percent, largely due to losses in Nvidia, setting the Nasdaq up for its worst day of this month. "What I like about this market is that (investors) seem to be a little more focused on fundamentals as opposed to looking at the volatility coming from politics," said Omar Aguilar, chief investment officer at Charles Schwab Investment Management. US stocks have been on a record-setting rally in the past two weeks after Trump said his administration would make a major tax announcement in the coming weeks.
Treasury Secretary Steven Mnuchin told CNBC on Thursday that he expected a "very significant" tax reform to be enacted by Congress' August recess. At 11:05 am ET, the Dow was down 3.61 points, or 0.02 percent, at 20,771.99, the S&P 500 was down 4.22 points, or 0.17 percent, at 2,358.6 and the Nasdaq Composite was down 41.30 points, or 0.7 percent, at 5,819.32. Five of the 11 major S&P 500 sectors were lower, with industrials, technology and financials weighing the most. The three indexes were among the top gainers since the November US presidential election.