U.S. Stocks Little Changed as Utility-Stock Rally Offsets BanksBy
U.S stocks were little changed after paring earlier losses, as investors continued to study company earnings for clues on the health of corporate America and as energy companies staged a rebound.
The S&P 500 Index added less than 0.1 percent to 2,295 at 4 p.m. while the Dow Jones Industrial Average lost 36 points 20,054.
- Energy shares reversed direction after falling as much as 1.7%; oil up 0.5% after losing as much as 1.8%
- Oil touched a two-week low after U.S. data on weekly stockpile gains
- Financial stocks down 0.8% as 49 of 63 companies in the S&P 500 industry group decline; Assurant, Morgan Stanley and ICE are the biggest losers, down at least 2.1
- VIX gains 1.4% to 11.5
- About 6.7 billion shares traded hands on U.S. exchanges, in line with the average daily volume so far in 2017
- With more than half of S&P 500 companies having posted earnings this season, about three-quarters beat profit estimates and roughly half beat sales forecasts, according to data compiled by Bloomberg
- Strategists on average expect the S&P 500 to end 2017 at 2,362, based on a Bloomberg survey of 18 forecasts
- After-market Wednesday: Prudential Financial (PRU), Fiserv (FISV), Whole Foods Market (WFM), CenturyLink (CTL), Cincinnati Financial (CINF), Equifax (EFX), Lions Gate Entertainment (LGF/A), Dun & Bradstreet (DNB), Level 3 Communications (LVLT), WGL Holdings (WGL)
- Pre-market Thursday: Cliffs Natural Resources (CLF), Roper Technologies (ROP), Patterson-UTI Energy (PTEN), Vista Outdoor (VSTO), Teradata (TDC), DTE Energy (DTE), Reynolds American (RAI), KKR (KKR), Cummins (CMI), Viacom (VIAB), Coty (COTY),Nielsen Holdings PLC (NLSN), CVS Health (CVS), Coca-Cola (KO), Sealed Air (SEE), Masco (MAS), Yum! Brands (YUMC), Twitter (TWTR), Occidental Petroleum (OXY), Kellogg (K), VCA (WOOF), BorgWarner (BWA)
For related equity market news:
- Where Do SPDR Fees Go? Check the Ice at Madison Square Garden
- Low VIX Masks Insurance Markup Options Traders Are Paying
- European Stocks Rise as Investors’ Focus Turns Back to Earnings
- Small-Cap Hedges Most Expensive Since 2014 Versus S&P 500: Chart
- VIX, Europe Equivalent Highlight Differing Risk Profiles: Chart
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