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 December 6, 2017 - 12:37 PM EST
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Stocks Still Off Though Techs Gains

Stocks Still Off Though Techs Gains

U.S. equities remained in the red by noon hour ET on Wednesday, even as tech stocks continued to bounce back. Wall Street was also on the lookout for new details regarding a tax-code overhaul.

The Dow Jones industrials pointed 26.79 points lower to 24,153.85, with Microsoft leading advancers on the 30-stock index.

The S&P 500 fell 3.21 points to 2,626.36, with information technology rising about 0.5%.

The NASDAQ folded 6.64 points to 6,755.58, though shares of Facebook rose more than 1.5%.

Tech stocks were on track Wednesday to post consecutive gains after being pressured over the past week.

Financials, one of the sectors that would theoretically benefit greatly from lower corporate taxes, have been on a tear recently. The sector is up nearly 2% over the past week. Tech, meanwhile, is down more than 1% in the same time period.

In corporate news, Evercore ISI initiated Facebook with an outperform rating. Analyst Anthony DiClemente said Facebook will lead the "FANG" stocks higher in 2018.

Meanwhile, drone maker AeroVironment shares hit an all-time high after the company posted strong quarterly sales.

Companies reporting earnings Wednesday include H&R Block Inc., Brown Forman Inc., and NCI Building Systems Inc.

Prices for the benchmark 10-year Treasury note gained, lowering yields to 2.32% from Tuesday's 2.35%. Treasury prices and yields move in opposite directions.

Oil prices deleted $1.43 a barrel to $56.19 U.S.

Gold prices gained $1.50 to $1,266.40 U.S. an ounce.


Source: Livemoney US Market Commentary (December 6, 2017 - 12:37 PM EST)

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