Stocks are lingering near the unchanged line in early afternoon trading on Tuesday, with the market reaction to some positive economic data muted by low trading volume. The major averages are currently mixed, although by slim margins.
Earlier gains came on the heels of a report from the Conference Board showing that consumer confidence improved by a modest margin in the month of December, with the organization's consumer confidence index rising roughly in line with economist estimates.
Traders also digested a report from Standard and Poor's showing that home prices were unchanged on a monthly basis and remained lower year-over-year in the month of October. The data also showed a continued slowdown in the annual rate of decline.
In other economic news, CareerBuilder released its 2010 Job Forecast this morning, indicating that some employers have signaled a boost in hiring for the New Year.
According to the forecast, which surveyed over 2,700 hiring managers and human resource professionals nationwide, 20 percent of employers plan to increase their number of full-time, permanent employees in 2010. This represents an increase from 14 percent in 2009.
In the markets today, airline stocks remain in the spotlight after President Barack Obama said that the country's system of monitoring commercial airline safety will undergo a thorough review.
He also said that the Transportation Security Administration would bolster security procedures both in-flight and at airports, which has boosted some stocks in the defense sector.
The major averages have all seen choppy movement in recent dealing as they look for direction on the day. The Dow is currently up 6.95 at 10,554.03, while the Nasdaq is down 3.91 at 2,287.17 and the S&P 500 is down 1.39 at 1,126.39.
Sector News
Electronic storage stocks are weighing on the tech sector, with the NYSE Arca Disk Drive Index posting a loss of 1.5 percent. The pullback is dragging the index further off of the eighteen month closing high set last Thursday.
Weak outings by computer hardware and semiconductor stocks are also dragging down the tech sector, while selling pressure is also evident among oil service and airline stocks.
Meanwhile, trucking and defense stocks are helping to offset some of the day's losses, with the Dow Jones Trucking Index and the Philadelphia Defense Sector up by 1.1 percent and 0.6 percent, respectively. Notably, the trucking index is on pace to end the session at a fifteen month closing high.
Stocks In The News
ClickSoftware Technologies Ltd. (CKSW) is seeing notable upside in early afternoon trading after the company announced that it expects fourth quarter revenues of about $17 million, exceeding its previous guidance range of $16.0 million to $16.7 million. The stock has gained 7.4 percent, reaching its best intraday price in over two months.
Imperial Sugar Co. (IPSU) is also moving higher after the firm announced after the bell Monday that it settled a property insurance claim for the February 2008 industrial accident at its Port Wentworth, Georgia refinery for an aggregate of $345 million. Shares are currently up by 15.6 percent after setting a three week-intraday high in earlier trading.
On the other hand, Trimeris Inc. (TRMS) is moving lower after Arigene Co. Ltd. announced the termination of the tender offer for the firm as it was unable to secure proper financing for the move. Shares have fallen by 16.7 percent to their lowest intraday price in nearly three months.
In Focus: Economic Data
As mentioned above, the Conference Board reported that its consumer confidence index rose to 52.9 in December from a revised 50.6 in November. Economists had been expecting the index to increase to 53.0 from the 49.5 originally reported for the previous month.
Separately, Standard and Poor's reported that the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 7.3 percent in October compared to a revised 9.3 percent decline in September.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region closed on the upside by modest margins on Tuesday. Japan's benchmark Nikkei 225 Index drifted up by less than a tenth of a percent, while Hong Kong's Hang Seng Index edged up by 0.1 percent.
The major European markets also saw modest gains. The French CAC 40 Index and the German DAX Index rose by 0.3 percent and 0.1 percent, respectively, while the UK's FTSE 100 advanced by 0.7 percent.
In the bond markets, treasuries are little changed ahead of the results of today's five-year note offering. Subsequently, the yield on the benchmark ten-year note is sitting at 3.834 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.