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Midday Market Update

Stocks Pare Losses Ahead of Fed Minutes

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U.S. Market    
Stocks pared early losses this afternoon ahead of the release of the minutes of the Fed’s last meeting.

The trade deficit rose by 10% in May as demand for consumer products lead to a 1.6% increase in imports and exports slipped 0.2%.

The ISM Services Index rose to 56.5 in June from 52.9 in May well above the 53.6 reading expected by economists.

At midday the Dow was up 0.2%, the S&P 500 rose 0.3% while the Nasdaq was 0.6% higher.

Stocks on the Move
Shares of  Walgreens Boots Alliance (WBA) were off 2.4% this morning after the company reported mixed quarterly results. Pharmacy sales were up 6% in the quarter, but non-pharmacy sales were only up 0.1%. Overall, the firm earned $1.01 a share down from $1.18 a share in the year-ago quarter.

Foreign Markets
European shares were lower. The FTSE 100, Paris CAC and Germany’s DAX were off 1.3%, 1.9% and 1.7% respectively.

Asian markets were mixed. The Shanghai Composite rose 0.4%, the Nikkei 225 dropped 1.9% while the Hang Seng was off 1.2%.

Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.