U.S. Stocks Steady After Data as Bank Shares Drop With Earnings

Jul 14, 2017 10:22 am ET

(Bloomberg) -- U.S. stocks held steady as investors assessed June inflation figures and earnings from Wall Street banks.

The S&P 500 added 0.1 percent to 2,451 at 10:15 a.m. in New York, less than two points away from a record. The Dow Jones Industrial Average was little changed as the Nasdaq Composite added 0.2 percent.

  • Real estate, utilities and staples shares leading market in early trading as economic data misses expectations
  • 10-year Treasury yield down 4 bps
  • Financial shares down 1.1% as Citi, JP Morgan drop after earnings
  • VIX down to 9.9
  • Volume in S&P 500 11% below 30-day average as financial stock volume jumps
  • POLITICS:
    • Deep within the Treasury Department sits a once-secret plan written by the Obama administration that could lead to the first-ever default on U.S. debt. Bond traders are worried that Donald Trump’s Treasury secretary may have to use it
    • Senate Majority Leader Mitch McConnell’s latest health care draft almost certainly is headed to a rewrite again to find a way to appease the handful of Republican moderates worried about Medicaid cuts in their states
  • ECONOMY: 
    • The consumer-price index was unchanged (forecast was for 0.1% rise) following a 0.1% decline the prior month
    • From a year earlier, prices were up 1.6% (forecast was 1.7%), the smallest advance since October, after a 1.9% gain
    • Weaker expectations about personal finances helped drive U.S. consumer optimism this month to the lowest level since October, University of Michigan preliminary survey data showed Friday
  • EARNINGS:
    • Pre-market Monday: BlackRock Inc. (BLK)

For more equity market news:

  • Earnings Catching Up To Bank Stocks Still High on Trump Promises
  • At $76.3 Trillion, Stock Market Has Never Been This Big: Chart
  • Humans Beating Machines in U.S. Stock Picks This Year: JPMorgan

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