WASHINGTON (dpa-AFX) - Stocks are turning in a lackluster performance in early trading on Monday after ending the previous week mixed. The major averages have been bouncing back and forth across the unchanged line, unable to sustain any significant moves.
The choppy trading on Wall Street comes as traders are looking ahead to some key events later this, including the release of the Labor Department's monthly jobs report on Friday.
The jobs report, which is expected to show an increase of about 190,000 jobs in November, could have a significant impact on the outlook for interest rates.
Traders have largely shrugged off the economic data released this morning, including a report from MNI Indicators showing an unexpected contraction in Chicago-area business activity in November.
Most of the major sectors are showing only modest moves, contributing to the lack of direction being shown by the broader markets.
Biotechnology stocks have come under pressure, however, with the NYSE Arca Biotechnology Index falling by 1.1 percent. The drop by the index comes after it ended the previous session at its best closing level in two months.
On the other hand, gold stocks have shown a strong move to the upside, driving the NYSE Arca Gold Bugs Index up by 2.4 percent. The strength in the sector comes as gold for December delivery is climbing $6.80 to $1,063 an ounce.
Currently, the major averages are posting modest losses on the day. The Dow is down 7.91 points or less than 0.1 percent at 17,790.58, the Nasdaq is down 3.38 points or 0.1 percent at 5,124.14 and the S&P 500 is down 2.35 points or 0.1 percent at 2,087.76.
Copyright RTT News/dpa-AFX