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Major Averages Posting Modest Gains After Initial Weakness - U.S. Commentary

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After an initial move to the downside, stocks have regained ground over the course of morning trading on Tuesday. The major averages have bounced off their initial lows and are now lingering near the unchanged line.

Currently, the major averages are posting modest gains. The Dow is up 23.25 points or 0.1 percent at 25,880.32, the Nasdaq is up 7.59 points or 0.1 percent at 7,931.75 and the S&P 500 is up 0.97 points or less than a tenth of a percent at 2,878.10.

The choppy trading on Wall Street comes amid lingering trade concerns, with traders reluctant to make significant moves amid a quiet day on the U.S. economic front.

In the coming days, trading may be impacted by reaction to reports on producer and consumer price inflation, retail sales and industrial production as well as the Federal Reserve's Beige Book.

Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.

Tobacco stocks are seeing substantial strength, however, with the NYSE Arca Tobacco Index jumping by 2.3 percent.

On the other hand, notable weakness is visible among steel, computer hardware, gold and semiconductor stocks.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan's Nikkei 225 Index jumped by 1.3 percent, while Hong Kong's Hang Seng Index dropped by 0.7 percent.

The major European markets have also turned mixed on the day. While the French CAC 40 Index is just above the unchanged line, the German DAX Index and the U.K.'s FTSE 100 Index are down by 0.2 percent and 0.3 percent, respectively.

In the bond market, treasuries have moved to the downside after ending the previous session roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.3 basis points at 2.970 percent.

by RTTNews Staff Writer

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