Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 3.67 points or 0.1% at 4,355.66, the Dow is up 28.32 points or 0.2% at 16,949.78 and the S&P 500 is up 1.94 points or 0.1% at 1,961.42.
The choppy trading on
Traders may be looking ahead to the release of a slew of economic data next week, including reports on new and existing home sales, durable goods orders, and personal income and spending.
The personal income and spending includes a reading on inflation that is favored by the Federal Reserve and is likely to be in focus in light of recent reports showing notable price growth.
Despite the recent indications of rising prices, the Fed said inflation has been running below the monetary policy committee's longer-run objective.
In her post-meeting press conference on Wednesday, Fed Chair
While most of the major sectors are showing only modest moves, significant strength has emerged among oil service stocks. The Philadelphia Oil Service Index has advanced by 1.2%, reaching its best intraday level in almost six years.
The strength among oil service stocks comes amid a notable increase by the price of crude oil, with crude for July delivery climbing
Pharmaceutical, healthcare, and banking stocks are also seeing some early strength, while weakness has emerged among software and housing stocks.
Among individual stocks, shares of
On the other hand, shares of Shire (SHPG) are seeing early strength after the British drugmaker rejected a
In overseas trading, stock markets across the
Meanwhile, the major European markets are all seeing modest strength on the day. While the
In the bond market, treasuries have moved moderately lower, extending the pullback seen over the course of the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.6 basis points at 2.648%.
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