The major averages have moved roughly sideways in recent trading, stuck below the unchanged line. The Dow is down 28.13 points or 0.2% at 16,878.49, the Nasdaq is down 10.57 points or 0.2% at 4,352.27 and the S&P 500 is down 1.40 points or 0.1% at 1,955.58.
Profit taking is partly contributing to pullback by stocks, with some traders cashing in on the upward move seen over the past sessions.
The S&P 500 is pulling back off the record closing high set on Wednesday, while the Nasdaq is giving back ground after reaching its best closing level since 2000.
Meanwhile, traders seem to have shrugged off a batch of largely upbeat US economic data, including a report from the Philadelphia Federal Reserve showing an unexpected acceleration in the pace of growth in regional manufacturing activity.
The Philly Fed said its diffusion index of current general activity climbed to 17.8 in June from 15.4 in May, with a positive reading indicating growth in regional manufacturing activity.
The increase came as a surprise to economists, who had expected the Philly Fed Index to drop to a reading of 14.0.
A separate report from the
The report said initial jobless claims dipped to 312,000, a decrease of 6,000 from the previous week's revised level of 318,000. Economists had expected jobless claims to drop to 313,000.
Among individual stocks, shares of
Drug store giant
On the other hand, shares of BlackBerry (BBRY) have moved sharply higher on the day after the smartphone maker reported a narrower than expected first quarter loss.
Brokerage stocks have shown a significant move to the downside on the day, dragging the NYSE Arca Broker/Dealer Index down by 1.2%. The index is giving back ground after ending the previous session at its best closing level in over two months.
Considerable weakness has also emerged among networking stocks, as reflected by the 1.1% loss being posted by the NYSE Arca Networking Index.
Electronic storage, biotechnology, and internet stocks are also seeing some weakness in mid-day trading, while gold stocks have moved sharply higher on the day amid a jump by the price of the precious metal.
In overseas trading, stock markets across the
Meanwhile, the major European markets all moved higher on the day. While the
In the bond market, treasuries have pulled back of their best levels but continue to see modest strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.8 basis points at 2.595%.
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