U.S. Equities Hold Steady at S&P 500 Record as Phone Stocks Gain

U.S. stocks were little changed, with the S&P 500 Index at a record as defensive shares advanced.

The S&P 500 Index added less than 0.1 percent to 2,403 at 9:50 a.m. in New York, after the equity benchmark closed above 2,400 for the first time yesterday. The dollar weakened for a fifth session on Tuesday after a report U.S. President Donald Trump revealed classified information to Russia’s top diplomat. The Dow Jones Industrial Average climbed 0.2 percent to 21,017.

  • Staples and telecom shares lead market in early trading, up at least 0.3%
  • Real estate shares lagging, down 0.5%
  • 10-Year Treasury yield down 1bp; dollar weaker
  • Energy shares little changed with oil up 0.7%
  • While some have cited U.S. stocks’ lofty valuations as a reason for caution, NN Investment Partners says global equity valuations are not overstretched. “Valuations are high but not stretched and should not be used as an argument to become bearish,” principal strategist Patrick Moonen wrote in a note
  • POLITICS:
    • President Donald Trump defended wanting to share terrorism intelligence with Russian officials in a White House meeting last week, saying he has the “absolute right” to do so
      • Top foreign-policy advisers raced to contain political damage from a Washington Post report that the president revealed to Russia’s foreign minister and ambassador highly classified information from a U.S. intelligence partner about an Islamic State plot
    • Wall Street isn’t scared of bank break-up talk: story link
  • ECONOMY:
    • Unexpected declines in U.S. new-home construction and building permits in April indicate the market is off to a weak start this quarter, government data showed Tuesday
    • U.S. April industrial production rises 1%, est. 0.4% gain
    • U.S. March factory output decreases 0.4%, est. unchanged
  • EARNINGS:
    • More than 90% of S&P 500 companies have reported earnings already this season. Of those, 78% exceeded profit projections and 64% topped sales estimates, data compiled by Bloomberg show
    • After-market Tuesday: none
    • Pre-market Wednesday: Target (TGT)

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