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Midday Market Update

Stocks Give Up Early Gains

U.S. Market    
Stocks gave up early gains this morning, easing off of Tuesday’s record close.

Oil prices fell today after data showing record crude and refined product inventories.

Import prices were up 0.2% in June from the previous month on the back of higher oil prices. Excluding fuel, prices were down 0.3%.

At midday the Dow was down 0.1% while the S&P 500 and Nasdaq were each 0.2% lower.

Stocks on the Move
There was limited corporate news today ahead of earnings season.

Foreign Markets
European stocks were mostly lower today. The FTSE 100 shed 0.2%, Germany’s DAX was off 0.3% while the Paris CAC rose 0.1%.

Asian shares were up for the day. The Shanghai Composite and Hang Seng each rose 0.5% while the Nikkei 225 gained 0.8%.