Stocks are turning in a lackluster performance in early trading on Wednesday amid uncertainty about the near-term outlook for the markets. The major averages are lingering near the unchanged line after ending the previous session mixed.
The choppy trading on Wall Street comes as traders seem reluctant to make any significant moves following the recent strength in the markets, which briefly lifted the Dow above 13,000 on Tuesday. Traders are also digesting some disappointing economic data from overseas.
Most of the major sectors are showing only modest move, contributing to the lack of direction being shown by the broader markets.
Nonetheless, weakness is visible among computer hardware stocks, with Dell (DELL) leading the sector lower after reporting weaker than expected fourth quarter earnings. Shares of Dell are down by 6 percent.
On the other hand, healthcare provider and oil service stocks are seeing some early strength. Community Health Systems (CYH) is leading the healthcare provider sector higher after reporting fourth quarter earnings above analyst estimates.
The major averages are currently posting modest losses, off their lows for the young session. The Dow is down 7.11 points or 0.1 percent at 12,958.58, the Nasdaq is down 4.43 points or 0.2 percent at 2,944.14 and the S&P 500 is down 1.45 points or 0.1 percent at 1,360.76.
by RTT Staff Writer
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