Authorization

Major Averages Lingering Near Unchanged Line - U.S. Commentary

(RTTNews) - After failing to sustain an initial upward move, stocks have shown a lack of direction over the course of the trading session on Monday. The major averages are turning in another mixed performance after ending last Friday's trading on opposite sides of the unchanged line.

Currently, the Dow is down 39.57 points or 0.2 percent at 25,066.76, while the Nasdaq is up 9.42 points or 0.1 percent at 7,307.61 and the S&P 500 is up 0.17 points or less than a tenth of a percent at 2,708.05.

The choppy trading on Wall Street comes amid uncertainty ahead of the next round of trade talks between the U.S. and China due to take place later this week.

Treasury Secretary Steven Mnuchin will lead the U.S. delegation to Beijing as the world's two largest economies seek to reach a trade deal before an early March deadline.

A report from Axios said President Donald Trump's advisers have informally discussed holding a summit with Chinese President Xi Jinping at Mar-a-Lago next month.

Two administration officials with direct knowledge of the internal discussions told Axios the meeting could come as soon as mid-March but stressed that nothing is set.

The report comes after Trump confirmed last week that he would not meet with Xi ahead of the deadline, when a jump in tariffs on Chinese goods is currently set to take effect.

Trump could delay the tariff increase if the talks between U.S. and Chinese officials continue to make progress toward a trade deal.

A lack of major U.S. economic data has also kept traders on the sidelines, although reports on consumer and producer price inflation, import and export prices and industrial production are likely to attract attention in the coming days.

Most of the major sectors continue to show only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.

Transportation, oil service and networking stocks are seeing some strength on the day, while weakness is visible among pharmaceutical and tobacco stocks.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday, with the Japanese markets closed for a holiday. China's Shanghai Composite Index surged up by 1.4 percent, while Australia's S&P/ASX 200 Index dipped by 0.2 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.8 percent, the German DAX Index and the French CAC 40 Index jumped by 1 percent and 1.1 percent, respectively.

In the bond market, treasuries are giving back ground after trending higher over the past few sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.5 basis points at 2.657 percent.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«     2019    »
 1234
567891011
12131415161718
19202122232425
262728293031