Stocks are continuing to show a lack of direction in early afternoon trading on Tuesday as traders digest a mixed batch of economic news. The major averages are turning in a mixed performance, remaining on opposite sides of the unchanged mark by moderate margins.
On the economic front, consumer confidence unexpectedly deteriorated in the month of October, according to a report released by the Conference Board, with the consumer confidence index showing a notable decline amid continued concerns about labor market conditions.
Separately, a report from Standard and Poor's showed a continued decrease in home prices in the month of August, although the pace of the annual rate of decline slowed by even more than economists had been expecting.
In earnings news, Valero Energy (VLO), U.S. Steel (X) and Honda Motor Co. (HMC), among others, reported by and large a mixed batch of quarterly results.
The major averages have seen choppy movement in recent trading, seeing little change entering the second half of the session. While the Dow is currently up 37.03 at 9,904.99, the Nasdaq is down 13.71 at 2,128.14 and the S&P 500 is down 0.18 at 1,066.77.
Sector News
Steel stocks are moving notably lower, as reflected by the 2.7 percent loss currently being shown by the NYSE Arca Steel Index, which is moving lower for a fourth straight session. Earlier, the index was at its worst intraday level in nearly three weeks, moving further off of the one-year closing high set earlier this month.
AK Steel (AKS) is under pressure, sliding by 7.6 percent and setting a three and a half month intraday low. The company reported third-quarter net income of $0.06 per share, compared to net income $1.67 per share in the same quarter of 2008. Wall Street analysts expected the company to report earnings of $0.01 per share for the quarter.
Railroad and healthcare provider stocks are also seeing considerable weakness, with the Dow Jones Railroads Index currently down 2.8 percent. With the loss, the index is extending a recent downward move, pulling back further off the nearly one-year closing high set last Monday.
Semiconductor, internet and computer hardware stocks are also posting notable losses, reflecting a pullback in the tech sector.
Meanwhile, health insurance stocks continue to post strong gains, with the Morgan Stanley Healthcare Payor Index climbing by 2.3 percent. The index is bouncing off of the three-month closing low it set in the previous session.
Oil, natural gas, pharmaceutical and tobacco stocks are also moving higher, contributing to the split performance by the broader markets.
Stocks In The News
BP Plc (BP) is moving considerably higher after the company posted a third quarter profit of $5.34 billion, higher than the $3.2 billion expected by analysts. The stock is up by 5.2 percent, reaching its best intraday price in over a year.
Textron Inc. (TXT) is also turning in a strong performance after reporting third-quarter net income of $0.01 per share, beating estimates of a loss of $0.03 per share. Shares of Textron are currently up by 7.4 percent, bouncing off of Monday's three-week closing low.
On the other hand, Scientific Games Corp. (SGMS) is under pressure after reporting third quarter net income of $0.16 per share compared to $0.23 per share a year ago. Quarterly revenues declined to $239.15 million from $291.94 million in the comparable period last year. The stock is down by 21.4 percent, falling to a six and a half month intraday low.
In Focus: Economic Data
As mentioned above, the Conference Board said that its consumer confidence index fell to 47.7 in October from a revised 53.4 in September, falling well short of the 53.5 expected by economists. The reading was also notably lower than the 53.1 originally reported for the previous month.
Meanwhile, The S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 11.3 percent in August compared to a 13.3 percent decrease in July. Economists had been expecting the report to show an 11.9 percent drop in prices.
Other Markets
In overseas trading, most of the Asia-Pacific markets ended Tuesday's session notably lower, with Japan's benchmark Nikkei 225 Index declining by 1.5 percent on the day, while Hong Kong's Hang Seng Index fell by 1.9 percent.
Meanwhile, the major European markets turned in a mixed performance on the day, with the U.K.'s FTSE 100 Index and the French CAC 40 Index rising 0.3 percent and 0.1 percent, respectively, while the German DAX Index fell 0.1 percent.
In the bond markets, treasuries are notably higher after the day's disappointing consumer confidence data. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is trading at 3.497 percent, posting a loss of 5.7 basis points.
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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.