US stocks little changed as S&P 500 hovers near all-time high

Bloomberg

U.S. stocks were little changed, with equities near records while investors brooded over the direction of Federal Reserve monetary policy after mixed economic reports. The S&P 500 Index slipped 0.1 percent to 2,183.41 at 9:32 a.m. in New York, following a two-day gain that brought the gauge within 0.2 percent of its all-time high.
“Interest rates are off the table, but the picture is somewhat cloudy,” said Patrick Spencer, London-based vice chairman of equities at Robert W. Baird, which manages $151 billion. “People are very cautious because they”ve seen the recent economic indicators and they”re concerned that 2017 will continue to see slower growth, but the data haven”t been too bad.” The benchmark has been treading water since its Aug. 15 record amid speculation on the path of interest rates and lackluster economic reports. The main U.S. equity index has held in a band of 1.5 percent for 38 days, the narrowest ever for that length of time, and has gone 41 sessions without a 1 percent move in either direction, the longest since 2014.
Still, data from the Commodity Futures Trading Commission show that hedge funds are adding to long positions in the equity market and building up shorts against the CBOE Volatility Index. Their bullishness contrasts with the views of Wall Street equity strategists, who see the S&P 500 retreating from its current level by the end the year.