Stocks have shown a lack of direction over the course of morning trading on Monday, with the major averages having difficulty sustaining any significant moves. The choppy trading comes as traders continue to digest last week's troubling news out of Dubai.
While stocks moved modestly lower at the start of trading, they bounced back up to the upside following the release of a better than expected report on Chicago-area manufacturing activity. The major averages climbed into positive territory but have moved back to the downside since then.
Most of the major sectors are showing only modest moves, although notable weakness has emerged among tobacco and retail stocks. On the other hand, significant strength is visible among banking, brokerage, and airline stocks.
The major averages are currently posting modest losses, with the Nasdaq underperforming its counterparts. The Nasdaq is currently down 9.13 at 2,129.31, while the Dow is down 13.22 at 10,296.70 and the S&P 500 is down 1.35 at 1,090.14.
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