U.S. stocks inched lower late before the close of trading today as a jump in bond yields weighed on utilities, but optimism that Greece may be close to a deal with its creditors limited losses.
The S&P 500 (INDEXSP:.INX) was little changed at 2,111 at 3:38 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) lost 0.1 percent to 18,026, while the tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) surrendered 0.2 percent to 4,515.
The S&P utility index fell 1.5 percent, leading losses among S&P sectors, after U.S. long-dated Treasury debt yields rose to two-week highs. Utilities and other dividend payers tend to compete with bonds as investments.
The yield on the 10-year Treasury note was 2.268 percent, near the highest level of 2015, compared with 2.19 percent yesterday, as prices sank.
This morning, Greece’s creditors reportedly reached a consensus on the terms of a proposed deal to put to the Greek government. Greece faces a €300 million ($327 million) payment to the IMF on Friday.
MOVERS:
Intel (NASDAQ:INTC) fell 1.8 percent to $33.31 as Intel was downgraded to "market perform" from "outperform" at BMO Capital, which takes a negative view of Intel's acquisition of chipmaker Altera.
Fiat Chrysler Automobiles NV (NYSE:FCAU) slipped 1 percent to $16.12. The car manufacturer delayed the redesign or release of some current or new vehicles in North America in the past year, Reuters reported, citing suppliers familiar with the company’s plans.
PVH (NYSE:PVH) rose 7.1 percent to $112.10 after the apparel maker behind brands Calvin Klein and Tommy Hilfiger reported better-than-expected results in its fiscal first quarter.
Dollar General (NYSE:DG) gained 3.3 percent to $75.22 after the discount retailer posted a better-than-expected 14 percent rise in first-quarter profit, helped by higher traffic and customer spending.
ADRs of Anheuser-Busch InBev (NYSE:BUD) added 2.2 percent to $121.93 as Susquehanna upgraded the beer brewer's stock to "positive" from "neutral," to reflect what the firm sees as "imminent" consolidation in the beer industry.
Cracker Barrel Old Country Store (NASDAQ:CBRL) gained 4.9 percent to $146.68 after saying profit in its latest quarter rose 23 percent as sales and traffic grew and as the company continued to cut costs.
ADRs of Youku Tudou (NYSE:YOKU) jumped 8.3 percent to $29.92 after the Beijing-based Internet television company and Disney (NYSE:DIS) formed a Marvel online movie marketing partnership. Disney fluctuated at $110.89.
Plug Power (NASDAQ:PLUG) jumped 3.7 percent to $2.79 after the fuel cell maker announced an expansion of a contract with Walmart Canada.
American International Group (NYSE:AIG) rose 1.8 percent to $59.76. The insurer will sell 50 million shares of AerCap Holdings NV in an initial public offering, according to the aircraft leasing company.
COMMODITIES:
Gold futures for August delivery on Comex rose 0.5 percent to settle at $1,194.40 an ounce.
July crude tacked on 1.8 percent, to settle at $61.26 a barrel on the New York Mercantile Exchange.
OTHER STOCKS:
European stock markets closed lower despite a flurry of diplomatic activity between Greece and its international creditors.