Stocks are turning in a lackluster performance in early trading on Monday after showing a strong move to the upside last week. The major averages are showing only modest moves, lingering near the unchanged line.
The major averages are currently turning in a mixed performance, with the Nasdaq just above the unchanged line. While the Nasdaq is up 0.98 points or less than 0.1 percent at 3,499.94, the Dow is down 22.12 points or 0.1 percent at 15,332.28 and the S&P 500 is down 0.92 points or 0.1 percent at 1,666.55.
The choppy trading on Wall Street comes as traders seem reluctant to make any significant moves after last week's gains lifted the Dow and the S&P 500 to new record highs.
A lack of major U.S. economic data is helping to keep traders on the sidelines ahead of the release of key reports on new and existing home sales, weekly jobless claims, and durable goods orders later in the week.
Comments from Federal Reserve Chairman Ben Bernanke are also likely to be in focus later in the week, with the Fed chief due to testify before the Joint Economic Committee of Congress on Wednesday.
Most of the major sectors are showing only modest moves, contributing to the lack of direction being shown by the broader markets.
While natural gas and electronic storage stocks are seeing some strength on the day, modest weakness is visible among telecom and health insurance stocks.
Among individual stocks, shares of Yahoo (YHOO) is posting a modest gain after the online media giant announced an agreement to acquire popular blogging service Tumblr for $1.1 billion, mostly in cash. Yahoo said Tumblr will be independently operated as a separate business.
Internet security company Websense (WBSN) is moving sharply higher after agreeing to be acquired by private equity firm Vista Equity Partners for approximately $1 billion. The deal values Websense at $24.75 per share, a 29 percent premium to its closing price on Friday.
On the other hand, shares of QLogic (QLGC) have come under pressure after the network infrastructure provider said Simon Biddiscombe has resigned his positions as president and chief executive officer in order to pursue other opportunities.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index advanced by 1.5 percent, while Hong Kong's Hang Seng Index surged up by 1.8 percent.
Meanwhile, the major European markets are seeing modest strength on the day. While the German DAX Index has risen by 0.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index have both edged up by 0.1 percent.
In the bond market, treasuries are seeing modest strength after ending the previous session notably lower. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.8 basis points at 1.931 percent.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.