Wednesday, 5 July 2017
US equities to open flat; Fed minutes in focus
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Wall Street
Wall Street futures were flat in early trading hours on Wednesday, with market participants returning from a holiday and looking ahead of the release of the lately Fed meeting minutes this afternoon.
On Monday, US stock markets moved into the second part of this year, with the balance so far being mostly positive for the banking and technology sectors.
The Dow Jones industrial average was able to add as much as 130 points by the closing bell, with Goldman Sachs leading advancers.
The S&P 500 edged up 0.23 percent, with financial and energy components contributing the most gains. The Nasdaq composite was down 0.5 percent at the close.
- Dow Jones Industrial Average: 129.64 / 0.61% / 21479.27
- Standard & Poor’s 500: 5.60 / 0.23% / 2429.01
- Nasdaq Composite: 0.00% / 6110.06
The SPDR S&P Bank increased more than 3.8 percent as all 34 financial institutions passed the Federal Reserve's annual stress test without inconveniences.
Shares of major banks, including Citigroup, Wells Fargo, Morgan Stanley and JPMorgan moved higher in the session, pushing the sector to the upside.
The market closed early on Monday due to the Independence Day holiday. Many traders opted to stay out of the market and make out a long weekend. For such reason, activity remained below average.
On the data front, traders received a fresh reading on the IHS Markit Manufacturing PMI index for June, which came in at 52.0 from a prior 52.7 in May.
In a separate report, the Institute for Supply Management said its manufacturing index advanced to 57.8 last month, compared to a previous 54.9.
Today, investors will be paying close attention to factory orders at 14:00 GMT and Fed’s June meeting minutes as of 18:00 GMT.
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