U.S. stocks search for direction, though gold miners shine
Nasdaq edges up, S&P 500 slips, Dow dips
Comm Svcs leads S&P 500 sector gainers; Healthcare weakest group
Euro STOXX 600 index up ~0.5%; ECB cuts deposit rate by 25 bps
Dollar dips; bitcoin up; gold, crude both up >1%
U.S. 10-Year Treasury yield edges up to ~3.67%
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U.S. STOCKS SEARCH FOR DIRECTION, THOUGH GOLD MINERS SHINE
Wall Street's main indexes are mixed and little changed early on Thursday after mixed producer price data kept a smaller 25-basis point interest rate cut by the Federal Reserve firmly on the table.
A majority of S&P 500 .SPX sectors are lower though only one group is posting an absolute change of more than 1%.
Communication services .SPLRCL is rising just over 1% as FANG .NYFANG names show strength. Healthcare .SPXHC is the weakest group, trading off more than 0.5%.
With this, growth .IGX is on pace to outperform value .IVX for a fourth-straight session.
Under the surface, gold stocks .HUI are shining. The HUI is rallying nearly 4%, with spot gold XAU= hitting record highs.
Meanwhile, the U.S. 10-Year Treasury yield US10YT=RR is edging higher to around 3.67%. The yield ended its six-day losing streak on Wednesday.
Here is a snapshot of where markets stood around 1000 EDT/1400 GMT:
(Terence Gabriel)
*****
FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
U.S. STOCK FUTURES DIGEST LATEST DATA DUMP - CLICK HERE
"BEAR IN A CHINA SHOP" - THE 3 MOST EXPOSED SECTORS - STIFEL - CLICK HERE
TOUGHER OUTLOOK FOR OIL AND GAS - BERENBERG - CLICK HERE
MINERS AND TECH SHINE AS MARKETS AWAIT ECB - CLICK HERE
EUROPE SET FOR OPENING BOUNCE AHEAD OF ECB - CLICK HERE
TECH STOCKS CUE RALLY WHILE ECB LOOMS - CLICK HERE
earlytrade09122024 https://tmsnrt.rs/3XEUeYA
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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