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Stocks Remain Mostly Positive In Mid-Day Trading - U.S. Commentary

wallstreet1 121214 24jul18

After an early move to the upside, stocks remain mostly positive in mid-day trading on Tuesday. The major averages are firmly in positive territory after ending the previous session mixed.

Currently, the Dow is up 221.91 points or 0.9 percent at 25,256.20, the Nasdaq is up 24.26 points or 0.3 percent at 7,866.13 and the S&P 500 is up 15.87 points or 0.6 percent at 2,822.85.

The strength on Wall Street partly reflects a positive reaction to the latest earnings news from big-name companies such as Google parent Alphabet (GOOGL).

Shares of Alphabet are jumping by 4.1 percent in morning trading after the tech giant reported better than expected quarterly results.

Drug giant Eli Lilly (LLY) is also seeing significant strength after reporting second quarter results that exceed expectations and announcing plans to spin off its Elanco Animal Health unit.

Trading activity is somewhat subdued, however, with a lack of major U.S. economic data likely keeping some traders on the sidelines.

Steel stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Steel Index up by 3.9 percent. With the jump, the index has reached its best intraday level in over a month.

Energy, pharmaceutical and gold stocks are also seeing considerable strength, while weakness is visible among transportation and utilities stocks.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikki 225 Index rose by 0.5 percent, while Hong Kong's Hang Seng Index jumped by 1.4 percent.

The major European markets also moved notably higher on the day. While the German DAX Index surged up by 1.1 percent, the French CAC 40 Index jumped by 1 percent and the U.K.'s FTSE 100 Index climbed by 0.7 percent.

In the bond market, treasuries are showing a lack of direction following the notable weakness seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.967 percent.

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