U.S. Stocks Slip After Seven-Day Rally as Energy Stocks Decline

U.S. stocks fell from record levels as financial and energy companies slumped and tech stocks pared earlier gains.

The S&P 500 Index lost less than 0.1 percent to 2,347.22 at 4 p.m. The Dow Jones Industrial Average added 7.9 points to 20,619.77. The benchmark index gained 0.5 percent on Wednesday for the seventh straight advance -- the longest streak of gains since September 2013.

U.S. Market

  • Energy shares down 1.4% for second loss this week as oil heads for the narrowest trading range in 13 years
  • Utility and phone stocks up at least 0.4%
  • Real estate shares up 0.4% biggest gain in market as the 10-year Treasury yield falls below 2.45%
  • Tech companies end 0.2% higher as Cisco climbs 2.4% following 2Q earnings beat
  • VIX fell 1.8% to 11.8
  • Volume second-highest of past 2 weeks with 6.9 billion shares traded hands -- slowed trading during Trump’s press conference
  • The S&P 500 erased 0.4% in a matter of minutes mid-morning after a $3.4 billion fund that specializes in options trading told CNBC that it had exited a short position in calls on futures
  • Profits for S&P 500 companies climbed an annual 5.3% so far in the fourth-quarter reporting season, data compiled by Bloomberg show, the highest growth rate since the third quarter of 2014
    • S&P 500’s price-to-forward earnings ratio is at its highest since 2002
  • The six largest U.S. banks may see annual profit jump by an average of 14% if President Donald Trump delivers on his promise to cut corporate taxes, according to data compiled by Bloomberg
  • Overall, the Trump Trade is approaching bull market dimensions in only three months, with the Dow Jones Industrial Average up 19% since election night lows
  • ECONOMY
    • Philly Fed: Current activity index soared to 43.3, the highest since January 1984, from 23.6
    • Builders started work on more U.S. homes than forecast in January after an upward revision to starts in the prior month, a sign construction was on a steady path entering 2017
    • Initial claims rose 5k in the first full week of February to 239k, after logging double-digit declines in each of the past two weeks
  • EARNINGS
    • After-market Thursday: Republic Services (RSG), Digital Realty Trust (DLR), Consolidated Edison (ED), DaVita (DVA), Flowserve (FLS), Enbridge Energy Partners (EEP)
    • Pre-market Friday: Moody’s (MCO), Spectra Energy (SE), Fluor (FLR), Federal National Mortgage Association (FNMA), Deere & Co (DE), VF (VFC), JM Smucker (SJM), Campbell Soup (CPB)

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