(Il Sole 24 Ore Radiocor) - Milano, 23 apr - US shares were trading flat at midday, a day after both the S&P 500 and the Dow Jones Industrial Average set new all-time highs, as investors weighed developments in the Gulf and the latest round of earnings, including Tesla.

Oil rallied for a fourth straight day as prospects for a quick resumption of peace talks between Washington and Tehran dimmed. A state of deadlock has led to the Strait of Hormuz, a critical chokepoint for global oil trade, remaining blocked. Brent crude rose to trade above the 100 dollars a barrel mark.

On the stocks front, shares in Tesla were down 2.77% after the electric car maker said its free cash flow would remain negative this year due to 25 billion dollars in planned capital spending. IBM shares slumped 8.18% after it issued disappointing guidance while Lululemon dipped 11.89% after the athletic apparel manufacturer said it was picking Nike executive Heidi O'Neill as its next head.

On the data front, initial weekly jobless claims ticked slightly higher while preliminary data from S&P showed that manufacturing and services sector activity inched higher in April.

At 1522 GMT, the Dow Jones was down 39.60 points, or 0.08%, at 49,450.23 points.

The S&P 500 was 1.15 points, or 0.02%, higher at 7,139.05 points.

The Nasdaq was losing 5.27 points, or 0.0%, at 24,652.62.

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(RADIOCOR) 23-04-26 17:26:59 (0658) 5 NNNN