U.S. Equities Steady as Investors Await Fed; Tech Shares Higher

U.S. stocks were little changed ahead of the Federal Reserve’s interest rate decision and as investors assessed earnings from companies including big tech and industrial companies like Facebook Inc. and Boeing Co.

The S&P 500 Index added 0.1 percent to 2,480 as the Dow Jones Industrial Average jumped 120 points to 21,734 as of 10:30 a.m. in New York.

  • Telecom shares lead market with AT&T up 4.1% after beating earnings expectations on surprise mobile gains
  • Real estate and utility shares up 0.4% each as 10-year Treasury loses about 1 bp
  • Tech stocks up 0.3% on gains in AMD and Texas Instruments
  • Materials shares down 0.5%; Bloomberg Commodity Index up 0.4%
  • VIX little changed at 9.4
  • Volume in S&P 500 up 33% from 30-day average as banks trade 63% above their average
  • POLITICS:
    • Senate Republicans have embarked on an unpredictable and potentially chaotic floor debate aimed at repealing Obamacare amid significant doubts that they can muster 50 votes to pass any kind of health bill
  • ECONOMY:
    • Fed decision at 2pm
    • Single-family home sales increased 0.8% m/m to 610k annualized pace (est. 615k)
  • EARNINGS:
    • After-market Wednesday: Kimco Realty Corp (KIM), Varian Medical Systems Inc (VAR), Host Hotels & Resorts Inc (HST),
      Discover Financial Services (DFS), Equifax Inc (EFX), UDR Inc (UDR), Facebook Inc (FB), Vertex Pharmaceuticals Inc (VRTX), XL Group Ltd (XL), Realty Income Corp (O), Whole Foods Market Inc (WFM), Edwards Lifesciences Corp (EW), Gilead Sciences Inc (GILD), Public Storage (PSA), Mid-America Apartment Communities Inc (MAA), TechnipFMC PLC (FTI), Lam Research Corp (LRCX), F5 Networks Inc (FFIV), Raymond James Financial Inc (RJF), Xilinx Inc (XLNX), Tractor Supply Co (TSCO),
      PayPal Holdings Inc (PYPL), Torchmark Corp (TMK), Whirlpool Corp (WHR), O’Reilly Automotive Inc (ORLY)
    • Pre-market Thursday: Automatic Data Processing Inc (ADP), Allegion PLC (ALLE), Marsh & McLennan Cos Inc (MMC), International Paper Co (IP), Dr Pepper Snapple Group Inc (DPS), ConocoPhillips (COP), Praxair Inc (PX),Alexion Pharmaceuticals Inc (ALXN), EQT Corp (EQT), McKesson Corp (MCK), LKQ Corp (LKQ), Nielsen Holdings PLC (NLSN), Valero Energy Corp (VLO), Bristol-Myers Squibb Co (BMY), Marathon Petroleum Corp (MPC), Helmerich & Payne Inc (HP), PG&E Corp (PCG), Comcast Corp (CMCSA),
      BorgWarner Inc (BWA),Celgene Corp (CELG), Johnson Controls International plc (JCI), Xcel Energy Inc (XEL),L3 Technologies Inc (LLL), Boston Scientific Corp (BSX), Southwest Airlines Co (LUV), Dow Chemical Co/The (DOW), Invesco Ltd (IVZ), American Electric Power Co Inc (AEP), CBRE Group Inc (CBG), American Tower Corp (AMT), Masco Corp (MAS), Altria Group Inc (MO), Raytheon Co (RTN), Procter & Gamble Co/The (PG), S&P Global Inc (SPGI), Verizon Communications Inc (VZ), Zimmer Biomet Holdings Inc (ZBH), United Parcel Service Inc (UPS), Mastercard Inc (MA), Charter Communications Inc (CHTR)

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