US stocks climb in listless summer session

S&P 500 was up 0.4% on Wednesday. The Nasdaq 100 gained 0.5%, while Russell 2000 jumped 1.3%. It was a listless day of limited trading; volumes across US exchanges were 17% below their one-month average and the lowest since early July.

All S&P 500 sector ETFs were in positive territory except for the financial sector, with a 0.2% retreat. Consumer discretionary was the best performing sector with a 1.3% gain. 

Target shares skyrocketed. In early trading, prices jumped more than 15%; it closed with a 11.2% gain, bringing the stock to a three-month high. Target’s earnings beat expectations as lower grocery prices brought in more traffic. 

Franklin Resources’s stock plunged 12.6% to its 52-week low, weighing on S&P 500, as one unit executive at the multinational holding company took a leave of absence in relation to an investigation into potential securities law violations. 

Minutes from the Federal Reserve’s July meeting released this afternoon suggested a rate cut in September is the base case, something markets have already long priced in.

“The vast majority observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting,” according to the minutes.

The 10-year Treasury yield was down slightly to below 3.8%, trading near its lowest levels of the past year.