Currently, the major averages are posting modest losses on the day. The Dow is down 11.78 points or 0.1% at 16,931.32, the Nasdaq is down 6.13 points or 0.1% at 4,330.11 and the S&P 500 is down 2.93 points or 0.2% at 1,948.34.
The early weakness on
The Dow and the S&P 500 pulled back off the record closing highs set on Monday, while the Nasdaq gave back ground after ending the previous session at its best levels in three months.
Nonetheless, traders seemed somewhat reluctant to make any significant moves amid a lack of traditionally market-moving catalysts.
News out of
The report said wholesale inventories surged up by 1.1% in April, matching the increase seen in the previous month. Economists had expected inventories to increase by about 0.5%.
Boockvar noted that the inventories data may raise second quarter GDP estimates by one to two tenths if confirmed by the overall business inventories report due to be released on Thursday.
Most of the major sectors are showing only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.
Brokerage stocks continue to see notable weakness, however, with the NYSE Arca Broker/Dealer Index falling by 1.1%. The loss by the index comes after it ended the previous session at a two-month closing high.
Commercial real estate, airline, and computer hardware stocks are also seeing some weakness on the day, although selling pressure has waned from earlier in the session.
Meanwhile, gold stocks have shown a strong move to the upside, moving higher along with the price of the precious metal. With gold for August delivery climbing
In overseas trading, stock markets across the
The major European markets also ended the day mixed. While the
In the bond market, treasuries are extending a recent downward trend with a moderate move to the downside. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.5 basis points at 2.638%.
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