The major averages have climbed off their lows for the young session in the past few minutes but remain in the red. The Dow is down 33.43 points or 0.2% at 16,642.07, the Nasdaq is down 11.19 points or 0.3% at 4,225.88 and the S&P 500 is down 1.48 points or 0.1% at 1,910.43.
The recent gains also lifted the Dow back toward the record highs set earlier this month, while the tech-heavy Nasdaq ended the previous session at its best closing level in almost two months.
Nonetheless, a lack of major US economic data seems to be keeping some traders on the sidelines, limiting the downside for the markets.
Most of the major sectors are showing only modest moves, although some weakness is visible among commercial real estate, oil service, and steel stocks.
"As measured by Investors Intelligence, the professional investor is widely bullish," Boockvar said. "Bulls rose to 58.3 from 57.2, while Bears fell to 17.3 from 18.3. Bulls are just shy of the 3 readings seen in late December/early January, which were last seen in October '07, while bears are at 13 week lows."
Meanwhile, he added, "The new AAII read of the individual comes out tomorrow, but last week's Neutral camp was just shy of the highest since 2003, pointing to complete confusion."
Among individual stocks, shares of
Luxury home builder
On the other hand, shares of
In overseas trading, stock markets across the
Meanwhile, the major European markets are showing a lack of direction on the day. While the
In the bond market, treasuries are moving notably higher ahead of an auction of
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