U.S. Stocks Steady, Led by Tech, Before Comey, U.K. Vote
(Bloomberg) -- U.S. stocks edged higher as investors waited for key events on Thursday, including former FBI director James Comey's testimony before the Senate and the U.K. election results.
The S&P 500 index added 0.1 percent to 2,433 at 9:50 a.m. The benchmark dropped 0.3 percent Tuesday, the most since May 17. The Dow Jones Industrial Average added 35 points Wednesday.
- Nasdaq up 0.3%, Russell 2000 adds 0.1%
- Tech stocks up 0.4% on volume that accounted for almost 40% of early trading
- Advanced Micro Devices up 5.2% as Micron, Analog Devices add at least 1% each
- AMD volume up 150% from 30-day average
- Financial stocks add 0.4%
- Staples, industrial and energy shares in red
- The S&P 500 remained above its 50-, 100-, 200- day moving averages despite the retreat this week, a signal to some technical analysts that the uptrend may continue
- VIX down to 10.2
- Volume in S&P 500 about 14% below 30-day average at this time
- POLITICS:
- President Trump backed the Saudi-led diplomatic isolation of Qatar, taking sides in a dispute among key U.S. allies and oil producers
- Recent surveys signaled a tightening race in the U.K. election Thursday, boosting chances that Prime Minister Theresa May may not bolster her majority
- ECONOMY:
- MBA mortgage applications index rose 7.1% in week ended June 2 after falling 3.4% in prior week
- EARNINGS:
- Pre-market Thursday: JM Smucker (SJM)
- Momentum Melt-Up Gives Winner-Stock Trade Best Stretch Since '92
- A $1.2 Billion Equity Quant Fund Run by QIM Is Up 55% This Year
For more equity market news:
To contact the reporter on this story: Oliver Renick in New York at orenick2@bloomberg.net.
To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Scott Schnipper
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