NEW YORK (TheStreet) -- U.S. stock markets edged into neutral territory by Wednesday afternoon, mitigating slight losses sustained over the morning session.
"The equity markets are currently running on 'fumes,'" Raymond James' Jeffrey Saut wrote in a note. "This is based on a number of proprietary indicators including our measurements of the stock market's current 'internal energy,' which ... is totally used up."
The S&P 500 and the Dow Jones Industrial Average hugged the flatline, while the Nasdaq climbed 0.26%. If markets can end in the green, they will extend the Dow and S&P's streak of record closing highs into a sixth session.
Must Read: Warren Buffett's Top 10 Dividend Stocks
"The market is in pause mode as it digests recent gains and awaits some greater clarity on likely consumer spending as we ramp up to the holiday season," said Terry Sandven, senior equity strategist at U.S. Bank Wealth Management, in a phone call. "Toward year-end, we continue to believe that this is a 'buy the dips, grind higher' market."
Oil prices were falling on fears global supply is outpacing demand, even after OPEC reported its largest monthly decrease in production since March. West Texas Intermediate crude fell 1.1% to $77.11 a barrel.
Citibank (C) , JPMorgan Chase (JPM) , Royal Bank of Scotland (RBS) and HSBC (HSBC) declined after agreeing to a $4.3 billion settlement. UBS (UBS) shares made minor gains. Barclays (BCS) shares were down 2.5% after delaying its settlement with regulators. The U.S. Office of the Comptroller of the Currency penalized Bank of America (BAC) , according to Reuters.