After failing to sustain an early upward move, stocks have shown a lack of direction over the course of morning trading on Tuesday. The major averages have pulled back near the unchanged line after moving modestly higher in early trading.
The early strength on Wall Street was partly due to a positive reaction to better than expected quarterly results from home improvement giant Home Depot (HD), which also raised its full-year guidance.
Buying interest waned not long after the open, however, with traders reluctant to make any significant moves ahead of Federal Reserve Chairman Ben Bernanke's testimony before the Joint Economic Committee of Congress on Wednesday.
Bernanke's remarks could have a big impact on expectations regarding the Fed's plans to slow the pace of its asset purchase program.
Most of the major sectors are showing only modest moves in late morning trading, although considerable strength remains visible among trucking stocks. The Dow Jones Trucking Index is up by 1.4 percent after reaching a record intraday high.
Meanwhile, gold stocks have come under pressure on the day, giving back some ground after moving substantially higher over the course of the previous session. Housing and airline stocks are also seeing some weakness on the day.
The major averages are currently turning in a mixed performance, but they are all nearly flat. While the Dow is up 10.27 points or 0.1 percent at 15,345.55, the Nasdaq is down 1.63 points or 0.1 percent at 3,494.80 and the S&P 500 is down 0.87 points or 0.1 percent at 1,665.42.
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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.