WASHINGTON (Alliance News) – Stocks have shown a lack of direction over the course of the trading session on Monday, with the major averages spending much of the day hugging the unchanged line.
Currently, the major averages are showing moves of less than a tenth of a %. The Dow is up 1.24 points at 21,638.98, the Nasdaq is up 2.76 points at 6,315.23 and the S&P 500 is up 0.84 points at 2,460.11.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of the release of earnings news from a number of big-name companies.
Bank of America (BAC), Goldman Sachs (GS), UnitedHealth (UNH), IBM (IBM), American Express (AXP), Microsoft (MSFT), Visa (V), and General Electric (GE) are among the companies due to report their quarterly results this week.
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.
Gold stocks have shown a significant move to the upside, however, with the NYSE Arca Gold Bugs Index jumping by 1.6%.
The strength among gold stocks comes amid an increase by the price of the precious metal, as gold for August delivery is climbing USD6 to USD1,233.50 an ounce.
Steel stocks are also seeing notable strength, while weakness is visible among transportation and semiconductor stocks.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index inched up by 0.1%, while China’s Shanghai Composite Index tumbled by 1.4%.
The major European markets also turned in a mixed performance on the day. While the UK’s FTSE 100 Index rose by 0.4%, the French CAC 10 Index edged down by 0.1% and the German DAX Index fell by 0.4%.
In the bond market, treasuries have shown a lack of direction over the course of the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 2.316%.