Stocks are turning in another lackluster performance in early trading on Tuesday, as traders seem reluctant to make any significant moves. The major averages have turned mixed after ending the previous session modestly lower.
The choppy trading on Wall Street comes as many traders are staying on the sidelines as the Federal Reserve begins a two-day monetary policy meeting.
The Fed is due to announce its latest monetary policy decision on Wednesday, while the European Central Bank is due to hold its monetary policy meeting on Thursday.
Meanwhile, traders have largely shrugged off a batch of U.S. economic data, including a recent report showing that Chicago-area business activity unexpectedly expanded at a faster rate in July.
While most of the major sectors are showing only modest moves, electronic storage stocks have come under pressure. The NYSE Arca Disk Drive Index is down by 2.3 percent, with Seagate Technology (STX) leading the way lower after reporting disappointing quarterly results.
Brokerage and housing stocks are also seeing early weakness, while strength has emerged among semiconductor and steel stocks.
The major averages currently remain on opposite sides of the unchanged line, with the Nasdaq posting a modest gain. While the Nasdaq is up 1.91 points or 0.1 percent at 2,947.75, the Dow is down 25.20 points or 0.2 percent at 13,047.81 and the S&P 500 is down 1.86 points or 0.1 percent at 1,383.44.
by RTT Staff Writer
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