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Mid-Day Update: U.S. Stocks Edge Up In Quiet Holiday Trade

U.S. stocks inched up in quiet trade as investors square up for a three-day holiday weekend. Markets are closed on Monday for Memorial Day.

Fed Chair Janet Yellen is currently speaking, mostly reiterating what has been said about rates and the economy. She said it is appropriate for the Fed to raise rates gradually and cautiously. She added that the labor market has improved by nearly every measure and wage growth has progressed but output growth has been slow.

Earlier, in economic news, Q1 GDP growth was revised to up 0.8%, a touch below expectations but up from the previous figure. The University of Michigan said consumer sentiment was 94.7 in May, below expectations but up from 89 in April.

Overseas, European and Asian stocks edged higher despite a decline in oil prices . Japanese shares jumped amid speculation the nation will delay a sales tax increase. That overshadowed a drop in consumer prices in April for a second month.

Group of Seven leaders met in Japan and said they committed to avoiding "competitive devaluation" of their currencies and warned against "disorderly" exchange-rate moves. China reported a slowdown in industrial profits, with 4.2% year-over-year growth in April versus 11.1% in March,

Crude oil is down 0.65% to $49.16 per barrel. Natural gas is up 1.21% to $2.177 per 1 million BTU. Gold is down 0.71% to $1214 an ounce, while silver is down 0.84% to $16.205 an ounce. Copper is up 0.31% to $2.109 per pound.

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

US MARKETS

NYSE Composite Index is up 0.12% to 10,452.51

Dow Jones Industrial Index is up 0.04% to 17835.14

S&P 500 is up 0.17% to 2093.66

Nasdaq Composite Index is up 0.36% to 4919.54

GLOBAL SENTIMENT

FTSE 100 is up 0.08% to 6270.79

DAX is up 0.13% to 10286.31

CAC 40 is up 0.05%to 4514.74

Nikkei 225 is up 0.37% to 16834.84

Hang Seng Index is up 0.88% to 20576.77

Shanghai China Composite Index (SHA: CN:000001) is down 0.03% to 2821.54

NYSE SECTOR INDICES

NYSE Energy Sector Index down 0.42% to 10,322.78

NYSE Financial Sector Index is up 0.38% to 6,200.02

NYSE Healthcare Sector Index is up 0.12% to 12,420.78

UPSIDE MOVERS

(+) RLYP (+12.17%) Potassium-lowering drug rival AZN (-1%) gets complete response letter from FDA

(+) VRX (+8.3%) Reportedly turned down takeover bid from Takeda, TPG

(+) MKTO (+8.2%) Reportedly in buyout talks with Vista Equity.

(+) BIG (+12.6%) Fiscal Q1 beats views, raises FY EPS guidance

(+) ETE (+5.6%) Looks to terminate merger with WMB (+2.5%)

DOWNSIDE MOVERS

(-) UNXL (-19.7%) Starts stock offering under shelf registration

(-) PANW (-12%) Q3 earnings meets views but guides mixed Q4; Deutsche Bank downgrades to hold vs buy

(-) HERO (-47.7%) Strikes restructuring deal with lenders

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

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

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