Wall Street remains flat in early trading hours
Major equity indexes in the U.S. started the day little changed on Wednesday as investors are looking to take some profit off the table after a record-setting 2-day rally.
“The slight weakness we’re seeing this morning is after a two-day rally. The fundamentals and technicals, however, remain strong. There are concerns over the bull run, which is on several hope factors. But the list of worries is still there ... That would dampen the prospect of a stronger stock market,” Peter Cardillo, chief market economist at First Standard Financial in New York, told Reuters.
As of writing, the Dow Jones Industrial Average was up 6 points, or 0.03%, at 22,125.56 while the S&P 500 was virtually unchanged around 2,494 points. The tech-heavy Nasdaq Composite started the day slightly lower as Apple shares are losing more than 1% amid yesterday's announcement for iPhone X. Right now, the Nasdaq Composite is at 6,453.08, losing 0.03%.
On the other hand, the solid recovery seen in crude oil prices is providing a lift to the S&P 500 Energy Sector Index, which is now gaining nearly 1% while the barrel of West Texas Intermediate is testing the $49 mark.
Today's key headlines:
- WTI keeps gains post-EIA, around $48.80
- EUR/USD drops sharply toward 1.1900 as USD jumps on US tax plan
- US Dollar keeps pushing higher, in highs around 92.20
- EIA: US commercial crude oil inventories increased by 5.9 mln barrels
- US House Ways & Means Chair Brady: To release tax plan on week of Sep 25th