US stocks open markets mute after the release of the US building permits for July. The S&P 500 index was at standstill. The Dow Jones Industrial Average (DJIA) fell 10 points while the Nasdaq 100 index rose by 15 points.
US Market Concerns
The major indices ended Tuesday’s trading session in a deep dive after a decline in the US Retail sales for July. Over the month, the headline retail sales fell 1.1%, down from a 0.7% increase in June. The core retail sales declined 0.4%, down from a 1.6% gain in the previous month.
According to data published by the US Census Bureau, privately-owned housing units authorized by building permits in July advanced at an annual rate of 2.6% to 1.635 million. Privately-owned housing starts in July slipped at an annual rate of 7.0% to 1.534 million.
US Treasury bonds nudged higher ahead of the Fed’s policy meeting minutes. The yield on the benchmark 10-year Treasury note rose to 1.28%. The yield on the 30-year Treasury bond advanced to 1.936%.
Oil prices were slightly changed on Wednesday after the release of the US crude oil inventories. According to data by the Energy Information Administration (EIA), the weekly crude oil inventories fell 3.234 million, hinting at a great demand.
The US West Texas Intermediate (WTI) crude extended its 7-day losing streak and was trading at $66.48 per barrel. Brent crude snapped its week’s losing streak and slightly climbed to $69.10 per barrel.
Investors have now shifted their focus to the Fed’s minutes. The Federal Reserve is expected to release minutes on its latest policy meeting. Investors are hoping to get clues about the future monetary policy.
S&P 500 Movers
Lowe’s was the best performer in the S&P 500 index. The retail company’s shares jumped more than 10% after the company reported better-than-expected earnings. Its earnings for the second quarter rose to $4.25 per share while its revenue jumped to $27.57 billion.
Viacom CBS Inc jumped more than 5.89% in its stock earnings. Viacom CBS is a multinational mass media and entertainment conglomerate corporation.
Tesla Inc was also among the best performers in the index, jumping 3.98%. The electric company will have an Al Day for artificial intelligence on Thursday.
Jack Henry & Associates led the laggards in the S&P 500 index. The technology company and payment processing service slipped more than 4.41% after publishing its Q4 earnings report. Its earnings per share jumped 30% over the past year to $1.04. Its revenue jumped 9.68%YoY to $450.3 million.