U.S. Stocks Eye Records as Materials, Industrial Shares Advance

(Bloomberg) -- U.S. stocks were little changed as investors awaited minutes from the Federal Reserve’s meeting this month.

The S&P 500 added 0.1 percent to 2,400 at 9:55 a.m. in New York, following the benchmark’s longest winning streak in more than three months. The Dow Jones Industrial Average rose 33 points to 20,972.

• Materials stocks lead in early trading, up 0.6%
• Utility and real estate shares up no more than 0.3%
• 10-year Treasury yield little changed
• Volume in S&P 500 26% below 30-day average at this time
• VIX up to 10.8
• The S&P 500 has recovered its losses from May 17, when it slumped the most in eight months amid political turmoil surrounding President Donald Trump
• Global mining shares declined on Wednesday after Moody’s Investors Service cut its rating on China’s debt for the first time since 1989
• Also in focus: OPEC meeting on Thursday, with major oil producers edging closer to extending an agreement to curb output
• POLITICS:
  • President Donald Trump has hired one of his longtime lawyers, Marc Kasowitz, to help guide him through what is shaping up to be wide-ranging probes of his campaign and Russian interference in the election, according to a person familiar with the matter
• ECONOMY:
  • Minutes from the Federal Reserve’s last meeting are due later today
• EARNINGS:
  • After-market Wednesday: PVH (PVH), HP (HPQ), NetApp (NTAP), CSRA (CSRA)
  • Pre-market Thursday: Hormel Foods (HRL), Patterson Cos (PDCO)

For more equity market news:

• Finding Comfort in S&P 500’s Valuation From Misery Index: Chart
• Tech Stock Fever Pauses as Valuations Lead S&P by Most Since ‘08