U.S. equities finished higher, but very near the unchanged mark, with investors cautious ahead of an acceleration of Q2 earnings season with banks in focus. Citigroup beat the Street’s EPS and revenue estimates, but some other measures were scrutinized, while Galapagos NV rallied on Gilead Sciences’ increased stake in the Belgian biotechnology company. Treasury yields were lower and the U.S. dollar ticked higher following a read on upbeat read on regional manufacturing activity, while crude oil prices declined and gold lost ground.

The Dow Jones Industrial Average (DJIA) rose 27 points (0.1%) to 27,359, the S&P 500 Index was unchanged at 3,014, and the Nasdaq Composite added 14 points (0.2%) to 8,258. In light volume, 676 million shares were traded on the NYSE and 1.7 billion shares changed hands on the Nasdaq. WTI crude oil fell $0.63 to $59.58 per barrel and wholesale gasoline was down $0.05 at $1.93 per gallon. Elsewhere, the Bloomberg gold spot price decreased $1.73 to $1,414.02 per ounce, and the Dollar Index—a comparison of the U.S. dollar to six major world currencies—inched 0.1% higher to 96.94.

The Empire Manufacturing Index showed output from the New York region improved more than expected and returned to expansion territory (a reading above zero) for July. The index rose to 4.3 from June’s unrevised -8.6 level, with the Bloomberg forecast calling for a rise to 2.0.

Treasuries were slightly higher, as the yield on the 2-year note dipped 1 basis point  to 1.82%, the yield on the 10-year note fell 2 bps to 2.09%, and the 30-year bond rate lost 3 bps to 2.60%.

©2019 Charles Schwab & Co., Inc., Member SIPC. All rights reserved.

Schwab Center for Financial Research (“SCFR”) is a division of Charles Schwab & Co., Inc. The information contained herein is obtained from third-party sources and believed to be reliable, but its accuracy or completeness is not guaranteed. This report is for informational purposes only and is not a solicitation, or a recommendation that any particular investor should purchase or sell any particular security. The investment information mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinions are subject to change without notice in reaction to shifting market conditions.