Stocks are turning in a lackluster performance in early trading on Monday after showing a strong move to the upside last week. The major averages are showing only modest moves, lingering near the unchanged line.
The choppy trading on Wall Street comes as traders seem reluctant to make any significant moves after last week's gains lifted the Dow and the S&P 500 to new record highs.
A lack of major U.S. economic data is helping to keep traders on the sidelines ahead of the release of key reports on new and existing home sales, weekly jobless claims, and durable goods orders later in the week.
Comments from Federal Reserve Chairman Ben Bernanke are also likely to be in focus later in the week, with the Fed chief due to testify before the Joint Economic Committee of Congress on Wednesday.
Most of the major sectors are showing only modest moves, contributing to the lack of direction being shown by the broader markets.
While natural gas and electronic storage stocks are seeing some strength on the day, modest weakness is visible among telecom and health insurance stocks.
The major averages are currently turning in a mixed performance, with the Nasdaq just above the unchanged line. While the Nasdaq is up 0.98 points or less than 0.1 percent at 3,499.94, the Dow is down 22.12 points or 0.1 percent at 15,332.28 and the S&P 500 is down 0.92 points or 0.1 percent at 1,666.55.
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