Investors looked to largely even polls between the "Brexit" camps
U.S. stocks finished slightly lower on Wednesday, 22 June 2016 as polls showed the outcome of a U.K. referendum on whether to leave the European Union remained too close to call a day ahead of the vote.
After switching between gains and losses all session, the S&P 500 shed 3.45, or 0.2%, to close at 2,085.45. The Dow Jones Industrial Average fell 48.90 points, or 0.3%, to end at 17,780.83, and the Nasdaq Composite Index dropped 10.44 points, or 0.2%, to close at 4,833.32.
Equity indices began the day on a higher note as investors responded to a positive bias in global equity markets. Global bourses ticked up overnight as investors looked to largely even polls between the "Brexit" camps and an uptick in crude oil. However, support from the oil pit faded through the session as the Department of Energy's weekly inventory report surprised to the downside.
Referendum results from the first counting areas are expected around 7:30 p.m. Eastern Time on Thursday, or 12:30 a.m. London time on Friday.
Investors mostly shrugged off a second day of congressional testimony from Federal Reserve Chairwoman Janet Yellen on the economy and monetary policy. On Tuesday, Yellen said a possible Brexit and other risks justify a cautious policy approach. But on Wednesday, the Fed chief focused on the U.S. fundamentals, noting that economy is picking up in the second quarter and she is hopeful there will be a commensurate pickup in job growth.
Among economic data expected for the day, existing-home sales rose 1.8% to a seasonally adjusted annual rate of 5.53 million, the highest level in nearly a decade.
Oil futures seesawed between minor losses and gains on Wednesday, 22 June 2016 trading back under $50 a barrel after the U.S. Energy Information Administration reported a much smaller-than-expected decline in U.S. crude supplies. I
August West Texas Intermediate crude fell by 72 cents, or 1.4%, to settle at $49.13 a barrel on the New York Mercantile Exchange. Before the supply data, it was trading at around $50.18 and had tapped a high of $50.54 overnight.
EIA reported that inventories fell by 900,000 for the week ended June 17. The American Petroleum Institute late Tuesday had reported a 5.2 million-barrel drop, while analysts polled by S&P Global Platts expected a decline of 1.4 million barrels. Gasoline supplies rose by 600,000 barrels, while distillate stockpiles edged up by 200,000 barrels last week, according to the EIA.
Bullion prices fell for a fourth straight session on Wednesday. 22 June 2016 to settle at their lowest level in two weeks ahead of a highly anticipated referendum on the U.K.'s membership in the European Union.
Gold for August delivery declined by $2.50, or 0.2%, to finish at $1,270 an ounce, with prices logging their lowest settlement since June 8. July silver shed less than penny to end at $17.312 an ounce.
The ICE U.S. Dollar Index was down 0.2% on Wednesday.
The Treasury complex ended its day higher with the yield on the 10-yr note slipping three basis points to 1.68%.
Today's participation was below the recent average as fewer than 804 million shares changed hands on the NYSE floor.
Tomorrow's economic data will include weekly initial claims (consensus 273k) and New Home Sales for May (consensus 560k), which will be released at 8:30 ET and 10:00 ET, respectively.
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