(Updates with GM statement in third paragraph.)
Stocks were little changed at midday on Wednesday as weaker-than-expected data on consumer spending weighed on market sentiment.
The Dow Jones Industrial Average was up 0.1% while the S&P 500 was down 0.1%. The Nasdaq Composite Index was down 0.3%.
In corporate news, the United Auto Workers said it reached a tentative deal with General Motors (GM) to end a month-long strike. GM rose 1.8%. GM confirmed the tentative deal in a statement Wednesday and said “additional details will be provided at the appropriate time.”
In economic news, retail sales in September fell 0.3% compared with the consensus estimate of a gain of 0.3%, according to Econoday. Excluding autos and gas, retail sales were unchanged compared with the consensus estimate of a gain of 0.3% according to Econoday.
In other economic news, the National Association of Homebuilders’ housing market index came in better-than-expected at 71, beating the 68 consensus, according to Econoday.
In commodities, West Texas Intermediate crude oil futures rose 1.3% to $53.50 per barrel. Natural gas was up 0.6% to $2.35 per 1 million BTU. Gold futures were up 0.5% to $1,491.10 an ounce, while silver was up 0.2% to $17.42 an ounce.
Among energy ETFs, the United States Oil Fund was up 1.2% to $11.20 while the United States Natural Gas Fund was up fractionally to $20.04. Among precious-metal funds, the Vectors Gold Miners ETF was up 1% to $26.45 while SPDR Gold Shares were up 0.4% to $140.10. The iShares Silver Trust fell slightly to $16.25.
Here’s where the markets stood at midday:
NYSE Composite Index was up 11.91 points (+0.1%) to 13,017.94
Dow Jones Industrial Average was up 3.93 points (+0.01%) to 27,028.73
S&P 500 was down 3.43 points (-0.1%) to 2,992.25
Nasdaq Composite Index was down 20.60 points (-0.3%) to 8,128.10
FTSE 100 was down 43.69 points (-0.6%) to 7,167.95
DAX was up 40.32 points (+0.3%) to 12,670.11
CAC 40 was down 5.15 points (-0.1%) to 5,696.90
Nikkei 225 was up 265.71 points (+1.2%) to 22,472.92
Hang Seng Index was up 160.35 points (+0.6%) to 26,664.28
Shanghai China Composite Index was down 12.33 points (-0.4%) to 2,978.71
NYSE SECTOR INDICES
NYSE Energy Sector Index was down 1.39 points (-0.01%) to 9,374.13
NYSE Financial Sector Index was up 3.68 points (+0.05%) to 8,169.42
NYSE Healthcare Sector Index was up 23.87 points (+0.15%) to 16,166.54
(+) TECD (+14%) Apollo Global Management offers to buy company, Reuters reports
(+) BAC (+2.2%) Q3 results beat Street views
(+) FMC (+2.6%) Baird upgrades shares, Wells Fargo starts coverage with outperform rating
(-) PGR (-4.2%) Q3 sales miss expectations although earnings beat views
(-) WDAY (-12%) RBC Capital Markets cuts price target on stock to $212 from $225
(-) ADBE (-3.5%) Citigroup downgrades rating to neutral from buy