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Midday Update: Wall Street Treads Water Before FOMC Outcome


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The Dow Jones Industrial Average and S&P 500 were cautiously higher at midday on Friday as Wall Street braces for the outcome of the Federal Open Market Committee meeting on Wednesday and for clues as to how the Fed interprets recent inflation and labor market data. Buoyed by gains in Tesla ( TSLA ) and Dollar Tree ( DLTR ), the Nasdaq is outperforming its peers and in positive territory for a third straight day.

Wall Street was struggling to stay positive after the historic meeting between the U.S. and North Korea failed to produce any enforceable objectives towards de-nuclearization of the Korean peninsula, and May inflation data provided the Fed with ammunition to maintain a path to interest rate normalization.

Consumer prices increased 0.2% in May for both the nominal and core, driving up the year-over-year headline index to 2.8%, its highest since October 2011. The core index was pushed up to 2.1%, a 16-month high.

Europe's markets all closed lower with the underwhelming Trump/Kim summit weighing on investor sentiment. A late rally in sterling following the results from Tuesday's pivotal Brexit vote (amendment to move the Brexit date was rejected) had little impact on the FTSE-100, which closed lower but off its session low.

Crude oil was up $0.37 to $66.47 per barrel. Natural gas was down $0.02 to $2.93 per 1 million BTU. Gold was down $2.00 to $1,301.30 an ounce, while silver was down $0.02 to $16.93 an ounce. Copper was unchanged at $3.25 per pound.

Among energy ETFs, the United States Oil Fund was up 0.56% to $13.44 with the United States Natural Gas Fund was down 0.62% to $23.69. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 0.52% to 22.47 while SPDR Gold Shares were down 0.24% to $122.93. The iShares Silver Trust was down 0.16% to $15.91.

Here's where the markets stand at mid-day:

U.S. MARKETS

NYSE Composite Index was up 9.08 points (+0.07%) to 12,873.25

Dow Jones Industrial Index was up 6.75 points (+0.03%) to 25,329.06

S&P 500 was up 6.71 points (+0.24%) to 2,788.78

Nasdaq Composite Index was up 42.81 points (+0.56%) to 7,702.74

GLOBAL SENTIMENT

FTSE 100 was down 33.62 points (-0.43%) to 7,703.81

DAX was unchanged at 12,842.30

CAC 40 was down 20.54 points (-0.38%) to 5,453.37

Nikkei 225 was up 74.31 points (+0.33%) to 22,878.35

Hang Seng Index was up 39.36 points (+0.13%) to 31,103.06

Shanghai China Composite Index was up 27.77 points (+0.91%) to 3,080.55

NYSE SECTOR INDICES

NYSE Energy Sector Index was down 51.81 points (-0.42%) to 12,160.66

NYSE Financial Sector Index was up 6.40 points (+0.08%) to 8,068.92

NYSE Healthcare Sector Index was down 1.24 points (-0.01%) to 14,704.99

UPSIDE MOVERS

(+) GLMD (+203.69%) Phase 2b study shows statistically significant reduction in liver fat for NASH patients

(+) RH (+34.95%) Reported better-than-expected Q1 results, issued upbeat Q2 guidance

(+) LE (+23.57%) Q1 results beat expectations

(+) PLAY (+14.43%) Reported better-than-expected Q1 results, affirmed FY18 guidance, announced retirement of CEO

DOWNSIDE MOVERS

(-) SITO (-13.64%) Issued weak sales guidance for Q2

(-) GFF (-10.92%) Announced 5.58 million share offering

(-) IDRA (-8.03%) Phase 2 trial of dermatomyositis missed primary endpoint

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Stocks
Referenced Symbols: TSLA , DLTR


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