By Ed Ballard and Jack Pitcher
Major indexes are mixed in afternoon trading, with weakness in tech stocks cancelling out big gains in sectors like financials and consumer discretionary.
Banks and other stocks that are sensitive to the strength of the economy outperformed after survey data showed factory activity continued to expand in the U.S. in June.
Meanwhile, investors digested comments by Fed Chairman Kevin Warsh for clues about the path of interest rates.
Warsh dodged questions about whether an interest-rate hike is in the cards this month, but said inflationary risks have eased since the last FOMC meeting. He took part in a panel discussion with the heads of the ECB, the Bank of England and the Bank of Canada.
U.S. Treasury yields pared gains after Warsh's comments.
In recent trading:
The S&P 500 was little changed in afternoon trading, while the Dow industrials rose modestly and the Nadsaq composite declined.
Oil prices are slipping. President Trump has told aides that he is OK with Tehran negotiations continuing past an Aug. 18 deadline, my colleagues report, bolstering hopes that hostilities in the Middle East won't flare up again.
Traders are on high alert for an intervention in the Japanese yen, which hit a fresh 40-year low against the dollar.
Gold crossed below $4,000 a troy ounce earlier this morning, as the prospect of Fed rate hikes continues to weigh on it.
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