U.S. Stocks Steady Amid Virginia Shooting as Investors Await Fed

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U.S. stocks were steady amid a shooting in Virginia that targeted U.S. Congressman. Investors are also preparing to seek clues on the outlook for interest rates from the Fed’s decision on rates later today.

The S&P 500 was little changed at 2,440 as of 9:50 a.m. in New York. The benchmark rose 0.5 percent on Tuesday, gaining ground for the first time in three sessions. The Dow Jones Industrial Average added 16 points, less than 0.1 percent, to 21,345 on Wednesday.

  • The third-highest ranked U.S. House Republican and at least four others were injured Wednesday morning in a shooting at a congressional baseball practice field in an Alexandria, Virginia, neighborhood, witnesses and police officials said
  • Utility and real estate shares leading market, up at least 0.5%
  • 10-year Treasury yield down 8 bps
  • Energy shares down 0.8%
    • Industry data which showed U.S. crude stockpiles expanded and the International Energy Agency predicted new non-OPEC output would outstrip demand growth next year
  • Tech up 0.3%
  • Financials down 0.8% as Lincoln National and Citizens Financial drop at least 2.3%
    • Michael Cohen, an integral part of Trump world for a decade, says he’s preparing to testify before the House intelligence committee on Sept. 5 about its investigation into Moscow’s interference in the U.S. election -- and he’s already fighting back
    • Fed funds chances of a Fed hike today dropped about 8 ppt to 91% this morning after inflation figures and retail sales came in lower than expected
      • While the rate hike is broadly expected, markets may react to other news from the Fed meeting, including policy makers’ economic characterization and guidance on interest-rate and balance-sheet policy
    • Consumer-price index fell 0.1% m/m (est. unchanged) following 0.2% rise in prior month
    • Excluding volatile food and fuel, costs rose 0.1% m/m (est. 0.2%) after 0.1% rise; up 1.7% y/y, lowest since May 2015 (est. 1.9%)
    • Retail sales dropped 0.3% (est. unchanged) after a 0.4% increase in prior month
    • Pre-market Thursday: Kroger (KR)

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