* Nasdaq higher early, S&P 500, Dow trade near flat
* Energy leads major S&P 500 sector gainers; utilities weak
* Euro STOXX 600 index off ~0.3%
* Dollar slips; gold, crude up; bitcoin up
* U.S. 10-year Treasury yield ~1.47%
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NASDAQ LEADS WALL STREET EARLY (1015 EDT/1415 GMT)
Major U.S. indexes are mixed in early trading on Wednesday, with the Nasdaq hitting another record intraday high. The S&P 500 and Dow are roughly flat. Small caps
are outperforming.
Indexes briefly extended gains after business activity data from IHS/Markit.
Earlier this week, Federal Reserve officials sought to ease investors worries about a sharp tapering of monetary stimulus. Those worries increased after a Fed policy statement last week.
Energy is leading gains among S&P 500 sectors, while utilities are showing weakness.
Here is an early U.S. market snapshot:
(Caroline Valetkevitch)
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NASDAQ GENERALS CHARGE, TROOPS STILL BACK IN CAMP (0900 EDT/1300 GMT)
The Nasdaq Composite made both a record intraday and record closing high on Tuesday. That said, a breadth measure is lagging, and has yet to confirm the composite's thrust:
Indeed, earlier this month, the Nasdaq daily Advance/Decline (A/D) line , which is one measure of internal strength, failed to surpass its February peak. It then peeled off, and despite the new IXIC highs on Tuesday, it barely rose.
Ultimately, to add confidence in the sustainability of this Nasdaq advance into fresh record high territory, traders will want to see the A/D line take out its 2021 high.
Of note, recent Nasdaq strength has been underpinned by large-cap tech, the generals, outperforming small-cap tech, the troops. Indeed, the Technology Select Sector SPDR Fund is up 4.6% this month, while the NYSE FANG+TM index has rallied around 5%. Meanwhile, the Invesco S&P SmallCap Info Tech ETF is up just 1.5%.
Of note, the Nasdaq New High/New Low Index , has also rolled over shy of its early 2021 peaks.
Thus, unless action in the broader Nasdaq confirms the new index highs, the generals could soon be trapped, leaving their flanks exposed to a bearish counter-attack.
(Terence Gabriel)
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FOR WEDNESDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE:
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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)