U.S. Stocks Little Changed as Energy Shares Slide; AMD Rallies

Oil Price Declines Tap Power From Energy Stocks

U.S. stocks were little changed as gains in health-care shares offset a rout in energy shares.

The S&P 500 Index added less than 0.1 percent to 2,349 at 9:50 a.m. New York time, one day after falling 0.7 percent on Tuesday, the most in more than a month, with a bear market in crude spurring a decline in oil stocks. The Dow Jones Industrial Average lost 3 points to 21,466 today.

  • Health-care stocks up 0.5% for fourth day of gains
  • Energy shares down 0.4%
    • Energy companies in the S&P 500 have tumbled in 2017, shrinking their weighting on the broader gauge; they now account for just 6% of the measure, the least since 2004 and down from a high of 16 percent in 2008
  • Tech companies little changed
    • AMD volume up 3x 30-day average; accounts for about 20% of total market volume
    • Shares up 4.3%, extending 30day rally, as BofAML cuts Intel rating amid AMD competition
  • VIX down to 10.7
  • Volume in S&P 500 4% above 30-day average
  • 10-year Treasury yield up 2 bps
  • POLITICS:
    • The abrupt shake-up that made Saudi Prince Mohammed bin Salman heir to his father’s throne gives the 31-year-old extraordinary powers to push through his vision to wean the economy off oil and exert his influence in regional conflicts
    • The U.S. is courting companies to join public-private partnerships for a massive infrastructure upgrade and touting plans to slash corporate tax rates to create a more competitive business climate
  • ECONOMY:
    • MBA mortgage applications index rose 0.6% in week ended June 16 after rising 2.8% in prior week
  • EARNINGS:
    • After-market Wednesday: Oracle (ORCL)
    • Pre-market Thursday: Carnval (CCL), Accenture (ACN)

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