U.S. Stocks Climb on Second Day of Yellen Testimony; Tech Gains

Jul 13, 2017 10:10 am ET

(Bloomberg) -- U.S. stocks edged higher ahead of another day of testimony from Fed Chair Janet Yellen, who yesterday indicated the Federal Reserve won’t rush to tighten monetary policy.

The S&P 500 added 0.1 percent to 2,445 at 9:50 a.m. in New York after advancing Wednesday to within 0.5 percent of its record. The Dow Jones Industrial Average added 20 points.

  • Tech shares up 0.4% for biggest advance in early trading
  • Real estate shares up 0.3% for second gain this week
  • Telecom shares down 0.7% for worst loss in market
  • 10-year Treasury yield up about 1bp
  • Energy down 0.15 as oil adds 0.7%
  • VIX down to 10.1
  • Volume in S&P 500 down 25% from 30-day average at this time
  • POLITICS:
    • U.S. Secretary of State Rex Tillerson’s shuttle diplomacy in the Gulf this week has yielded some ideas that could provide the basis for a solution to the diplomatic crisis, according to three officials with knowledge of the deliberations
    • The latest version of the Senate GOP health-care bill, which Senate Majority Leader Mitch McConnell plans to unveil today, will include Sens.Ted Cruz’s and Mike Lee’s "Consumer Freedom Option," according to an unidentified person familiar with the matter
  • ECONOMY:
    • U.S. Weekly Jobless Claims Fell 3k to 247k; Est. 245k
    • Producer-price index rose 0.1% (est. 0.0%) after no change the previous month
    • PPI 2% from a year earlier after a 2.4% gain in the prior 12-month period
  • EARNINGS:
    • Pre-market Friday: PNC Financial (PNC), JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C)

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