Wall Street ends little changed as traders mull Fed rate path
Dow and 500 edge red at close; Nasdaq posts a slight gain
Industrials weakest S&P sector; Staples lead gainers
Dollar up; gold gains ~1%; crude up ~2.4%; Bitcoin slips
U.S. 10-Year Treasury yield rises to ~4.21%
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WALL STREET ENDS LITTLE CHANGED AS TRADERS MULL FED RATE PATH
Shares on Wall Street closed roughly flat, as the market struggled for direction overall, with investors fretting about the steady rise in U.S. Treasury yields that has hurt rate sensitive stocks like industrials and the tech sector
U.S. yields are once again advancing, with the benchmark 10-year yield hitting a roughly three-month high and that of the two-year, which tracks interest rate expectations, climbing to a two-week peak.
Despite Tuesday's dip, however, the S&P 500 .SPX is on track to post its sixth straight month of gains in October. So far this year, the index has gained nearly 23%.
"With the continued climb in new all-time highs for the S&P 500 has come relatively frothy investor sentiment. Animal spirits are not back to their highs earlier this year, but they have moved into 'extreme optimism’ territory," writes Kevin Gordon, senior investment strategist, at Charles Schwab in emailed comments.
"In and of itself, that doesn't mean the market is at risk of an imminent selloff, but it does make stocks increasingly vulnerable to a coming negative catalyst. The upside is that both breadth and participation are strong … that means the market would be facing any looming headwind from a position of strength, likely limiting the severity of drawdowns."
The market is currently in the midst of U.S. earnings season and it has so far been solid. Of the 75 companies that have reported so far, equivalent to 15% of the S&P 500, 79% are beating estimates, and those that "beat" are beating by a median of 6%, according to Fundstrat analysts.
Here's the closing market snapshot:
(Gertrude Chavez-Dreyfuss)
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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
HOUSING, BUILDING MATERIALS STOCKS BROUGHT DOWN BY EARNINGS - CLICK HERE
BOFA CLIENTS' BUYBACKS REMAIN BUOYANT - CLICK HERE
DON'T BE A SHEEP FOLLOWING THE TRUMP-BETTING FLOCK - CLICK HERE
WALL STREET UNDER PRESSURE AS RATES UPTREND WEIGHS CLICK HERE
BENCHMARK TREASURY YIELD: CAN THE CLIMB CLEAR THE CLOUD? - CLICK HERE
CAUTION! S&P POSITIONING HAS BECOME 'STRETCHED' - CLICK HERE
BETTING ON M&A? HERE'S WHAT TO OWN - CLICK HERE
WEAK START FOR STOXX, TECH CAPS FURTHER LOSSES - CLICK HERE
EUROPEAN BEFORE THE BELL: UNCERTAINTY OFFSETS POSITIVE EARNINGS - CLICK HERE
BONDS AND GOLD BEGIN COUNTDOWN TO US ELECTION DAY - CLICK HERE
US afternoon snapshot https://tmsnrt.rs/4fevfRM
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