Dow -70.46 at 34575.53, Nasdaq +39.97 at 13813.59, S&P +5.54 at 4467.44
Today’s trade was lackluster with the major indices registering only modest gains or losses. The A-D line favored decliners, but there wasn’t a lot of conviction overall. The major indices followed the direction of the mega-cap stocks, which drove some choppy action in the morning and later in the afternoon.
Rate hike expectations did not change much following the CPI report. According to the CME FedWatch Tool, the probability of a 25 basis points rate hike at the November FOMC meeting is 40.1% versus 44.2% yesterday.
6 of the 11 S&P 500 sectors logged a gain. The utilities sector (+1.2%), which was the only sector to gain more than 1.0%, led the lineup, and the real estate sector (-1.0%), which was the only sector to lose more than 1.0%, fell to the bottom of the pack.
CAT took a dive today and stopped.
XLE hit some longer-term resistance resistance layer today and backed off which is natural after the current move. So energy stocks were lower.
Have a great night.