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U.S. stocks trade mixed ahead of Fed minutes

Xinhua, July 6, 2016 Adjust font size:

U.S. stocks traded mostly lower in the morning session on Wednesday, as investors awaited U.S. Federal Reserve minutes and digested a slew of economic data.

By noon, the Dow Jones Industrial Average shed 28.59 points, or 0.16 percent, to 17,812.03. The S&P 500 ticked down 0.99 points, or 0.05 percent, to 2,087.56. The Nasdaq Composite Index rose 16.19 points, or 0.34 percent, to 4,839.10.

The June Fed minutes will be perused for indications of the Fed's concerns over recent weakness in the U.S. economy and the Brexit referendum, said Chris Low, chief economist at FTN Financial, Wednesday.

On the economic front, U.S. goods and services deficit was 41.1 billion U.S. dollars in May, up 3.8 billion dollars from a revised reading in April, the Commerce Department said Wednesday.

The seasonally adjusted Markit Flash U.S. services PMI Business Activity Index registered 51.4 in June, slightly higher than market consensus of 51.3.

The U.S. non-manufacturing index registered 56.5 percent in June, 3.6 percentage points higher than the May reading of 52.9 percent, the Institute Supply Management said Wednesday. This represents continued growth in the non-manufacturing sector at a faster rate.

Meanwhile, traders will keep a close eye on Friday's nonfarm jobs report this week for more clues on the central bank's next rate hike.

U.S. stocks closed lower on Tuesday, snapping a four-session winning streak, as Wall Street shifted its focus from Brexit to the uncertainty over the timing of the next rate hike. Endit