Dow and the S&P on track for their sixth straight monthly gain; S&P aims 8th quarterly gain in a row
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U.S. stocks on Friday were showing slight gains, but the Dow was trading flat, with investors struggling to find fresh catalysts to push equity benchmarks to fresh records in a month and quarter that has proven better than expected.
What are stock indexes doing?
The Dow Jones Industrial Average fell 13 points, or less than 0.1%, to 22,366, while the S&P 500 was up 3 points, or 0.1%, to 2,513. The benchmark index hit an all-time intraday high of 2,514.27.
The Nasdaq Composite Index added 17 points, or 0.3%, to 6,471. The tech-heavy index was a few points away from its own record.
For the week, the Dow is up 0.1%, the S&P is up 0.4% and the Nasdaq is up 0.6%. The standout of the final week of the quarter has been small-cap companies, however, with the Russell 2000 up 2.8% thus far this week. On Friday, it rose 0.1% and at one point hit a record of 1,491.72.
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What are market participants saying?
"The fundamental headlines in terms of market weakness don't seem to be there right now, but valuations look a little stretched and investors may take a pause from the momentum we've been seeing," said Sean Lynch, co-head, global equity strategy at Wells Fargo Investment Institute. He said the S&P 500 could retreat 5% or 6% through the rest of the year before rebounding in 2018.
"The initial move so far this year has been on pretty good earnings and pretty good fundamentals. However, a lot of stocks have had great runs and look very expensive now." He singled out small-cap stocks as ones that "seem especially risky."
Don't miss:October could determine whether stocks have a great or middling move over the coming year (http://www.marketwatch.com/story/october-could-determine-whether-stocks-have-a-great-or-middling-move-over-the-coming-year-2017-09-29)
What's driving the market?
Traders are trying to find their footing after a week marked by hawkish comments from Federal Reserve Chairwoman Janet Yellen and the long-awaited announcement on tax reform from President Donald Trump's administration.
Read:Get set for a 'favorable' backdrop for stocks until at least 2019, says Blackstone's Wien (http://www.marketwatch.com/story/get-set-for-a-favorable-backdrop-for-stocks-until-at-least-2019-says-blackstones-wien-2017-09-29)
In the latest economic data, personal income rose 0.2% in August, while consumer spending was up 0.1%. Separately, the Chicago Purchasing Managers Index hit 65.2 in September, a jump from the August reading of 58.9.
What are investors watching out for today?
On the Fed docket, Philadelphia Fed President Patrick Harker is lined up to give a speech at 11 a.m. Eastern, covering the economic outlook as well as fintech at a conference at his regional bank.
Which stocks are Wall Street following?
Zogenix Inc. (ZGNX) more than doubled on extremely heavy trading, as shares soared 120% on news of a positive trial (http://www.marketwatch.com/story/zogenix-says-late-stage-trial-of-treatment-for-rare-form-of-epilepsy-met-its-main-goal-2017-09-29) for its drug to treat a rare type of epilepsy.
Amazon.com Inc.-owned Whole Foods(AMZN) said late Thursday that hackers tried to steal data from its credit-card-swiping machines (http://www.marketwatch.com/story/whole-foods-says-hackers-tried-to-steal-data-from-credit-card-swiping-machines-2017-09-29). Amazon shares, however, were up 0.6%.
Shares of Tesla Inc.(TSLA) were up 1%, even though shares of the electric-car maker are nearing their second-straight week of losses, (http://www.marketwatch.com/story/tesla-shares-are-facing-a-second-straight-week-of-losses-2017-09-28) down 2.3% with one session to go on Friday.
Read:Elon Musk unveils 'Mars City,' says his spaceship will take you 'anywhere on earth in under an hour' (http://www.marketwatch.com/story/elon-musk-unveils-mars-city-says-his-spaceship-will-take-you-anywhere-on-earth-in-under-an-hour-2017-09-29)
Shares of Tyson Foods Inc. (TSN) jumped 7.4% a day after the food company raised its outlook (http://www.marketwatch.com/story/tyson-shares-jump-after-company-ups-outlook-announces-layoffs-2017-09-28)and announced a restructuring that includes layoffs.
Read:Pier 1, Sherwin-Williams, Southwest issue profit and sales warnings on hurricanes, earthquakes (http://www.marketwatch.com/story/pier-1-sherwin-williams-southwest-issue-profit-and-sales-warnings-on-hurricanes-earthquakes-2017-09-28)
What are other assets doing?
Asian stock markets (http://www.marketwatch.com/story/nikkei-on-pace-for-its-best-month-of-2017-2017-09-28) closed mostly higher, while European markets were struggling for direction (http://www.marketwatch.com/story/european-stocks-set-for-best-month-of-2017-2017-09-29).
Oil prices were slightly lower, while all metals except copper advanced.
The ICE Dollar Index is set to break a six-month losing streak, up 0.6% for September.
(END) Dow Jones Newswires
September 29, 2017 10:54 ET (14:54 GMT)