Stocks initially reacted positively to the latest batch of US economic data, including a closely watched report on retail sales.
While the sales growth in June fell well short of economist estimates, upward revisions to the two previous months and strong core numbers generated some positive sentiment.
However, buying interest waned not long after the open due in part to troubling remarks by Federal Reserve Chair
In testimony before the
Despite the subsequent pullback by the broader markets, banking stocks continue to turn in a strong performance on the day. JP Morgan (JPM) is posting a standout gain after reporting better than expected second quarter results.
Trucking and steel stocks also continue to see some strength, while tobacco and biotechnology stocks have come under pressure.
Currently, the Dow is clinging to a modest gain, up 18.64 points or 0.1% at 17,074.06, while the Nasdaq is down 12.29 points or 0.3% at 4,428.12. The S&P 500 is flat at 1,977.10.
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