US stock market: S&P 500 ekes out slim gain as investors weigh elevated yields
Treasury yields and uncertainty about the path ahead for interest rates.
Investors were also attuned to developments in Washington as divisions among U.S. lawmakers put the federal government at risk of a partial shutdown by the weekend.
A possible shutdown has added to worries for stock investors as they grapple with benchmark Treasury yields that have climbed to 16-year highs after the Federal Reserve last week signaled a hawkish long-term path for interest rates.
At the same time, as the S&P 500 has sharply pared its year-to-date gain, some investors are wondering if the market is close to a bottom.
«At some point people will start to buy stocks for the fourth quarter, and the third-quarter selling might be almost done,» said Peter Tuz, president of Chase Investment Counsel.
«At a certain level, people are going to get back in thinking the fourth quarter might be a pretty good one.»
The Dow Jones Industrial Average fell 68.61 points, or 0.2%, to 33,550.27, the S&P 500 gained 0.98 points, or 0.02%, at 4,274.51 and the Nasdaq Composite rose 29.24 points, or 0.22%, to 13,092.85.
During the session, the S&P 500 rose as much as 0.4% and fell as much as 0.8% before paring losses.
Among S&P 500 sectors, the rate-sensitive utilities group fell most, dropping 1.9%.
Energy rose 2.5%, as Brent crude breached $97 a barrel, with the jump in oil prices posing a renewed threat to inflation that has been moderating.
The S&P 500 has fallen about 7% since late July, but remains up over 11% for 2023.
«Investors are looking for a turning point,» said Art Hogan, chief market strategist at B. Riley Wealth.
