S&P 500 climbs toward record territory on soft inflation, strong bank earnings
SPY•Sector leadership and market levels
Nearly all S&P 500 .SPX sectors are higher with consumer discretionary .SPLRCD and communication services .SPLRCL, both up more than 1%, the leading gainers. Energy .SPNY is red, and industrials .SPLRCI are roughly flat.
Under the surface, big banks .SPXBK and software & services .SPLRCIS are showing strength. In fact, both the SPXBK and the S&P 500 financial sector .SPSY are on track to post record closing highs.
Of note, the S&P 500, which is now around 7,575, is down just 0.45% from its 7,609.78 June 2 record closing high and down around 0.60% from its 7,620.90 June 2 record intraday peak.
Markets edge higher on softer inflation and bank earnings
Wall Street's main indexes are modestly higher early on Wednesday, as investors weigh softer-than-expected producer inflation data and a flurry of corporate earnings. Strong results from major banks for the second day in a row are helping sustain an upbeat note for the second-quarter earnings season.
Meanwhile, New York Fed President John Williams said on Wednesday that while inflation is "unquestionably too high," there are reasons to believe it may have crested and should soon start subsiding, and U.S. monetary policy is well positioned to guide inflation back to the Federal Reserve's target.
