The major averages currently continue to turn in a mixed performance. While the Nasdaq is up 8.36 points or 0.2% at 4,540.47, while the Dow is down 21.83 point or 0.1% at 17,017.66 and the S&P 500 is down 2.37 points or 0.1% at 1,990.00.
The lackluster performance on
Yellen's remarks did not provide any meaningful hints about the outlook for interest rates and largely focused on the difficulty in judging the remaining degree of slack in the labor market.
The Fed chief concluded her remarks by acknowledging that the central bank could go either way with regard to interest rates.
While Yellen said an increase in rates could come sooner than expected if progress on inflation and the labor market occur more rapidly than anticipated, she also said the future path of rates could be more accommodative if the economic performance turns out to be disappointing.
Meanwhile, traders are also keeping an eye on developments overseas amid news that
Among individual stocks, shares of
Tax preparation software developer Intuit (INTU) has also come under pressure after reporting a wider fourth quarter net loss and providing disappointing guidance.
On the other hand, shares of
Apparel retailer Gap (GPS) is also moving to the upside after reporting second quarter results that beat analyst estimates and raising its full-year earnings outlook.
Most of the major sectors continue to show only modest moves in mid-day trading, contributing to the lack of direction being shown by the broader markets.
While energy and steel stocks have moved to the downside on the day, moderate strength has emerged among electronic storage and software stocks.
In overseas trading, stock markets across the
The major European markets all moved to the downside on the day. While the
In the bond market, treasuries have seen considerable volatility on the heels of Yellen's remarks. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.412%.
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