Currently, the major averages are posting modest gains on the day. The Dow is up 29.67 points or 0.2% at 16,725.14, the Nasdaq is up 2.36 points or 0.1% at 4,146.22 and the S&P 500 is up 2.33 points or 0.1% at 1,898.98.
The choppy trading on
Traders are also digesting a report from the
The report said retail sales edged up by 0.1% in April after surging up by an upwardly revised 1.5% in March.
Economists had expected sales to rise by about 0.4% compared to the 1.1% growth originally reported for the previous month.
Excluding an increase in sales by motor vehicle and parts dealers, retail sales came in unchanged in April compared to a 1.0% increase in March. Ex-auto sales had been expected to climb by 0.6%.
"The March upward revision will help Q1 GDP estimates but will be more than offset by a reduction to Q2," Boockvar added.
Most of the major sectors are showing only modest moves in early trading, although considerable strength has emerged among housing stocks. The Philadelphia Housing Sector Index has advanced by 1.3%, reaching its best intraday level in over a month.
Railroad and software stocks are also seeing some early strength, while early weakness is visible among tobacco stocks.
In overseas trading, stock markets across the
The major European markets are seeing modest strength on the day. While the German DAX Index has risen by 0.4%, the French CAC 40 Index is up by 0.2% and the
In the bond market, treasuries have shown a strong move to the upside on the heels of the retail sales data. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4 basis points at 2.618%.
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