Live Markets-S&P 500, Nasdaq edge tentatively higher while small caps take comfortable lead
SPY•Sector performance mixed
On the sector level, communication services .SPLRCL is enjoying a comfortable lead among the S&P 500's 11 major groups, with energy .SPNY and financials .SPSY vying for last place.
Elsewhere, recently beaten-up sectors are finding some favor. Housing market-related stocks .SPCOMHOME, .HGX, airlines .SPCOMAIR, and travel/leisure shares .SPCOMHOTL are outperformers.
Oil, yields and Fed commentary in focus
Washington and Tehran dropped hints that they could shortly resume negotiations to end their conflict. As a result, crude prices dropped and Treasury yields eased, reflecting some optimism that war-related price pressures could begin to ebb sooner rather than later.
U.S. Federal Reserve appearances today include New York Fed President John Williams, Fed Vice Chair Philip Jefferson and Richmond Fed President Thomas Barkin, with Q&A expected after Barkin's remarks. Their words will likely be dissected for clues regarding the duration and extent of the current tightening phase aimed at taming war-related inflation.
Here's where things stood as of 10:03 a.m. EDT:
U.S. stocks edge higher as small caps lead
Wall Street on Tuesday struggled to extend Monday's robust rally, in which investors rediscovered their enthusiasm for all things AI and pushed the Nasdaq to a record closing high.
