Stocks have shown a lack of direction over the course of the trading day on Tuesday after failing to sustain an early upward move. The choppy trading extends the lackluster performance that was seen throughout the previous session.
The major averages are currently posting modest gains but have pulled back off their highs for the session. The Dow is up 35.67 points or 0.2 percent at 15,370.95, the Nasdaq is up 3.77 points or 0.1 percent at 3,500.20 and the S&P 500 is up 1.64 points or 0.1 percent at 1,667.93. 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).
Before the start of trading, Home Depot reported first quarter earnings of $0.83 per share on net sales of $19.1 billion, while analysts had expected earnings of $0.77 per share on sales of $18.7 billion. The company also raised its full-year earnings and sales 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.
Traders are also looking ahead to the release of some key economic data later in the week, including reports on new and existing home sales, weekly jobless claims, and durable goods orders.
Among individual stocks, shares of Saks (SKS) have moved sharply higher on the day after the luxury retailer reported better than expected first quarter revenues.
Financial giant J.P. Morgan (JPM) is also turning in a strong performance after a majority of shareholders voted to keep Jamie Dimon as both chairman and chief executive.
Meanwhile, shares of Carnival (CCL) have come under pressure after the cruise operator lowered its full-year earnings guidance.
Sector News
While most of the major sectors are showing only modest moves, considerable strength remains visible among trucking stocks. The Dow Jones Trucking Index is up by 1.4 percent after reaching a record intraday high.
YRC Worldwide (YRCW) has helped to lead the trucking sector higher, surging up by 9.1 percent. The gain extends a recent rally by shares of YRC, which have reached their best intraday level in over a year.
Steel stocks are also turning in a strong performance in mid-day trading, with the NYSE Arca Steel Index up by 1 percent. AK Steel (AKS) and Schnitzer Steel (SCHN) are posting notable gains.
Meanwhile, gold stocks have come under pressure on the day, giving back ground after moving substantially higher over the course of the previous session. The NYSE Arca Gold Bugs Index is down by 2 percent, partly offsetting Monday's 6 percent gain.
Housing and airline stocks have also moved to the downside, although selling pressure has remained relatively subdued.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. While Japan's Nikkei 225 Index inched up by 0.1 percent, Hong Kong's Hang Seng Index ended the day down by 0.5 percent.
Meanwhile, the major European markets moved to the upside on the day. The U.K.'s FTSE 100 Index advanced by 0.7 percent, while the French CAC 40 Index and the German DAX Index edged up by 0.3 percent and 0.2 percent, respectively.
In the bond market, treasuries have turned higher over the course of the session after seeing early weakness. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.4 basis points at 1.951 percent after reaching a high of 1.998 percent.
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Business News
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.