Markets pulling back amid mixed earnings reports and investors taking profits after recent gains. The S&P 500 struggling to break above its 200-day moving average.
Energy is the sole winner this afternoon with oil refiners among the strongest performers. Oil jumped higher after the EIA reported gasoline inventories falling more than expected.
On the economic front, business inventories rose 1.4%, and matching consensus, after advancing 1.6% in May. Retail inventories increased 2%, while Motor vehicles accelerated 3.3% in June. Excess in inventory has left businesses, especially retailers, with little appetite to continue restocking.
All eyes on the FOMC minutes.
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