WASHINGTON (dpa-AFX) - After initially showing a lack of direction, stocks continue to turn in a lackluster performance in mid-day trading on Wednesday. The major averages have spent the day bouncing back and forth across the unchanged line.
Currently, the major averages are posting modest gains. The Dow is up 50.30 points or 0.2 percent at 26,015.39, the Nasdaq is up 8.41 points or 0.1 percent at 7,972.17 and the S&P 500 is up 3.68 points or 0.1 percent at 2,887.73.
The choppy trading on Wall Street comes as traders wait for news out of the latest round of U.S.-China trade talks scheduled for the coming days.
Renewed trade concerns weigh on the markets earlier this week as news the U.S. plans to raise tariffs on Chinese goods as early as Friday has led to renewed worries about a trade war.
The threat of higher tariffs has led to concerns about global economic growth and the potential for higher costs to be passed on to U.S. consumers.
President Donald Trump noted in a post on Twitter that Chinese Vice Premier Liu He will be a part of the talks, claiming the high-ranking official is 'coming to the U.S. to make a deal.'
'We'll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers...great for U.S., not good for China!' Trump tweeted.
Trump also claimed China is attempting to renegotiate terms of a trade deal in order to strike a new deal with a Democratic president that continues to rip off the U.S.
A lack of major U.S. economic data is also keeping traders on the sidelines ahead of the release of reports on the U.S. trade deficit and producer and consumer prices later this week.
Sector News
Most of the major sectors continue to show only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.
Gold stocks have shown a significant move to the downside, however, with the NYSE Arca Gold Bugs Index tumbling by 2.1 percent.
The weakness among gold stocks comes amid a modest decrease by the price of the precious metal, as gold for June delivery is slipping $1.80 to $1,283.80 an ounce.
Tobacco and utilities stocks are also seeing notable weakness in mid-day trading, while strength is visible among natural gas and telecom stocks.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan's Nikkei 225 Index dropped by 1.5 percent, while Hong Kong's Hang Seng Index slid by 1.2 percent.
Meanwhile, the major European markets moved higher over the course of the session. While the U.K.'s FTSE 100 Index edged up by 0.2 percent, the French CAC 40 Index rose by 0.4 percent and the German DAX Index advanced by 0.7 percent.
In the bond market, treasuries have moved modestly lower after trending higher over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price is up by 1.2 basis points at 2.460 percent.
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