U.S. Equities Little Changed as VIX Drops After Comey Ouster

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U.S. stocks were little changed following President Donald Trump’s firing of FBI director James Comey.

The S&P 500 lost 0.1% to 2,394 at 10 a.m. in New York, as investors assessed earnings reports. The benchmark closed little changed in the past two sessions after better-than-forecast payrolls helped send it to a record last Friday. The Dow Jones Industrial Average declined 51 points to 20,925 on Wednesday.

  • Small-cap shares up 0.4%
  • Real Estate and energy shares leading market; oil jumps 1.6%
  • Materials and utility shares up at least 0.3%
  • 10-year Treasury yield down 2 bps
  • Tech stocks in spotlight with Nvidia shares trading at volume 7x the 30-day average and up 13% after earnings
  • Volume in S&P 500 slightly above 30-day average at this time; tech shares accounting for 35% of volume in early trading
  • VIX at 9.7 is hovering near Monday’s closing level that was the lowest since 1993
  • The dollar edged lower, after reaching the highest in a month Tuesday amid hawkish comments from Federal Reserve officials
  • POLITICS:
    • President Donald Trump on Tuesday fired FBI Director James Comey, the man in charge of investigating his campaign’s possible ties to Russia
  • ECONOMY:
    • April import prices rose 0.5% m/m after rising 0.1% in March
    • Borrower fraud in U.S. auto loans is surging, and may approach levels seen in mortgages during last decade’s housing bubble, according to a startup firm that helps lenders sniff out bogus borrowers
  • EARNINGS:
    • After-market Wednesday: Twenty-First Century Fox Inc (FOXA), Whole Foods Market Inc (WFM), Symantec Corp (SYMC), Hologic Inc (HOLX)
    • Pre-market Thursday: Macy’s Inc (M), Kohl’s Corp (KSS)

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