U.S Stocks Vacillate Before Release Of FOMC Minutes – Where Do The Stock Markets Go From Here?
Oct, 12th 18:24
U.S. equities swung back and forth on Wednesday ahead of the release of minutes from the Federal Reserve’s September meeting. At the time of writing, most U.S benchmarks were in positive territory.
The S&P 500 index rose 0.23%, with 8 out of 11 sectors trading higher. The Real Estate sector led the market, rising 0.93% even after total mortgage applications volume lost 6% on a seasonally adjusted basis for the week ended Oct. 7, compared to the previous week, according to data from the Mortgage Bankers Association.
The Financial sector was also among gainers, ahead of the release, amid anticipation of hawkish details in the minutes. Banking giants namely Wells Fargo, JPMorgan Chase and Citigroup are all slated to report quarterly results before the market open on Friday.
Energy companies lost ground today as oil sold off after the monthly output report from OPEC that raised concerns over the likelihood of an agreement to curb production amongst OPEC members as well as with other non-OPEC oil producers.
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