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Major Averages Turning In Mixed Performance In Mid-Day Trading

wallstreet aug23 22oct19 lt

Stocks continue to experience choppy trading on Tuesday after showing a lack of direction earlier in the session. The major averages have spent the day lingering near the unchanged line.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 11.10 points or 0.1 percent at 8,151.89, the Dow is up 57.03 points or 0.2 percent at 26,884.67 and the S&P 500 is up 5.16 points or 0.2 percent at 3,011.88.

The choppy trading on Wall Street comes as traders digest the latest batch of earnings news, with mixed results from some big-name companies pulling the markets in opposite directions.

Shares of Procter & Gamble (PG) have moved notably higher after the consumer products giant reported better than expected fiscal first quarter results.

Fellow Dow component United Technologies (UTX) has also moved to the upside after reporting third quarter results that beat estimates and raising its full-year guidance.

On the other hand, shares of McDonald's (MCD) have come under pressure after the fast food giant reported third quarter results that missed analyst estimates on both the top and bottom lines.

Delivery giant UPS (UPS) is also seeing notable weakness after reporting third quarter earnings that beat expectations but on weaker than expected sales.

Meanwhile, Chipotle Mexican Grill (CMG), Snap (SNAP), Texas Instruments (TXN), and Whirlpool (WHR) are among the companies due to report their quarterly results after the close of today's trading.

On the U.S. economic front, the National Association of Realtors released a report showing existing home sales pulled back by much more than anticipated in the month of September.

NAR said existing home sales plunged by 2.2 percent to an annual rate of 5.38 million in September after jumping by 1.5 percent to an upwardly revised 5.50 million in August.

Economists had expected existing home sales to drop by 0.7 percent to a rate of 5.45 million from the 5.49 million originally reported for the previous month.

Most of the major sectors are showing only modest moves on the day, although energy stocks have moved notably higher along with the price of crude oil. Crude for December delivery is climbing $0.70 to $54.21 a barrel.

Reflecting the strength in the energy sector, the NYSE Arca Oil Index is up by 1.4 percent, the Philadelphia Oil Service Index is up by 1.2 percent and the NYSE Arca Natural Gas Index is up by 1.1 percent.

Healthcare and utilities stocks are also seeing some strength on the day, while gold and software stocks have moved to the downside.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday, although the Japanese markets were closed for a holiday. China's Shanghai Composite Index rose by 0.5 percent, while South Korea's Kospi jumped by 1.2 percent.

Meanwhile, the major European markets have shown a lack of direction over the course of the session. While the U.K.'s FTSE 100 Index has climbed by 0.7 percent, the German DAX Index and the French CAC 40 Index are both up by just 0.1 percent.

In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 1.791 percent.

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