Dow and the S&P on track for their sixth straight monthly gain; S&P aims 8th quarterly gain in a row
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.
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What are stock indexes doing?
The Dow Jones Industrial Average fell 11 points, or less than 0.1%, to 22,370, while the S&P 500 was up 8 points, or 0.3%, to 2,517. The benchmark index hit an all-time intraday high of 2,517.98.
The Nasdaq Composite Index added 41 points, or 0.6%, to 6,495.85 -- an intraday record.
For the week, the Dow is up 0.1%, the S&P is up 0.6% and the Nasdaq is up 1%. The standout of the final week of the quarter has been small-cap companies, however, with the Russell 2000 up 2.9% thus far this week. On Friday, it rose 0.3% and at one point hit a record of 1,493.35.
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?
Philadelphia Fed President Patrick Harker said Friday he still expects the central bank to raise interest rates in December. His comments come a few days after Federal Reserve Chairwoman Janet Yellen warned about being too slow in normalizing interest rates.
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 7.8% 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 trading higher (http://www.marketwatch.com/story/european-stocks-set-for-best-month-of-2017-2017-09-29).
Oil prices were slightly lower, while gold prices retreated.
The ICE Dollar Index is set to break a six-month losing streak, up 1% for September.
(END) Dow Jones Newswires
September 29, 2017 12:50 ET (16:50 GMT)