Wall Street little changed ahead of US Fed minutes
Wall Street was little changed today as gains in technology stocks were overshadowed by steep losses in energy shares, while investors awaited minutes of the Federal Reserve’s last meeting for more clues on interest rate hikes this year.NEW YORK, July 5 —
The Fed, which lifted interest rates and unveiled details of its plan to cut its mammoth crisis-era bond portfolio at its mid-June meeting, will release minutes at 2pm ET (1800 GMT).
“Markets will also be paying very close attention to see if the minutes suggest that the recent fall in inflation is ‘transitory’, with suggestions of higher rates still on the cards, unless the US economy decelerates,” said Lukman Otunuga, analyst with FXTM Research.
US factory goods orders are likely to drop 0.5 per cent in May, compared with a 0.2 per cent decline in April. The data is expected at 10 a.m. ET.
At 9:43am ET, the Dow Jones Industrial Average was down 28.82 points, or 0.13 per cent, at 21,450.45 and the S&P 500 was down 1.58 points, or 0.06 per cent, at 2,427.43.
However, the Nasdaq Composite was up 9.72 points, or 0.16 per cent, at 6,119.78.
Eight of the 11 major S&P sectors were lower, with the energy index’s 0.99 per cent fall leading the decliners.
Crude oil was down more than 1 per cent as rising Opec exports turned sentiment more bearish, dragging down shares of Exxon and Chevron by more than 1 per cent.
The tech sector led the gainers with a 0.59 per cent gain.
Tech stocks have been volatile in the past few weeks on concerns over the sector’s valuation, after powering the S&P’s record run this year.
Shares of Apple, Microsoft, Alphabet and Intel reversed premarket losses to trade higher in early trading.
Baidu rose 2 per cent after the Chinese internet search company struck a deal with TomTom to develop high-definition digital maps used for computer-assisted driving.
Monogram Residential Trust jumped 22.2 per cent after a Greystar fund said it would buy the luxury apartment developer in a deal valued at about US$3 billion (RM12.8 billion).
Declining issues outnumbered advancers on the NYSE by 1,820 to 787. On the Nasdaq, 1,550 issues fell and 884 advanced. — Reuters
Source: The Malay Mail Online