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.

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