U.S. Stocks Advance Ahead of Fed's Beige Book as Banks Rally

U.S. stocks rose ahead of the release of the Federal Reserve’s Beige Book, as European shares advanced and commodity producers rebounded along with metals prices.

The S&P 500 gained 0.3 percent to 2,343 at 5:10 a.m. in New York. The benchmark closed down 0.3 percent on Tuesday, as IBM Corp. and Goldman Sachs Group Inc. earnings disappointed. The Dow Jones Industrial Average was little changed, up about 12 points to 20,537.

  • Financial stocks up 0.9% as Morgan Stanley leads group with 3.2% gain; just four of 65 stocks in index down
  • Utility, real estate and staples shares down as Treasury yields reach 2.21% from 2.17% Tuesday
  • VIX down to 13.8
  • Volume 3.8% higher in S&P 500 than 30-day average at this time
    • Planners are contemplating what a U.S. strike on North Korea might look like, and the options are grim
    • Traders are pulling back from bets the Fed will raise interest rates in June as inflation expectations crumble; odds of a hike have fallen back to about 44% from more than 60% earlier this month, based on a gauge compiled by Bloomberg
    • After-market Wednesday: CSX (CSX), SL Green Realty (SLG), American Express (AXP), United Rentals (URI), Qualcomm (QCOM), Torchmark (TMK), Kinder Morgan (KMI), eBay (EBAY)
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