Oil Prices Dip, Helps Support Stock Prices

The market opened under a bit of selling pressure, but that has since reversed. The oil inventory data released this morning showed a build in supplies. That pushed oil prices lower, and helped lift stocks.

The market also got a boost from Home Depot (HD) seeling its supply business and announcing a $22.5 billion stock buyback. Morgan Stanley (MS) reported strong earnings and revenues, while FedEx (FDX) reported disappointing earnings results. But FDX stock is trading higher on the news, which implies the stock had already priced in this report.

Also, Nuveen (JNC) is being bought out by private equity, pushing the stock up +17%.

The yield on the 10-year is relatively flat at 5.10%. Asian markets were mostly higher overnight, except China which saw a -2% decline.

The S&P 500 is consolidating just under its recent highs, poised to breakout. The Nasdaq is already making new highs, while the mid-cap index is lagging after being the leading index all year.