WASHINGTON (dpa-AFX) - Stocks have moved moderately lower during trading on Tuesday, giving back ground after recovering from an early slump to end the previous session slightly higher. The major averages have all moved to the downside, but selling pressure remains relatively subdued.
Currently, the major averages are off their lows of the session but still in the red. The Nasdaq is down 86.15 points or 0.5 percent at 19,129.31, the S&P 500 is down 19.77 points or 0.3 percent at 5,943.83 and the Dow is down 108.00 points or 0.3 percent at 42,684.07.
The weakness on Wall Street comes as some traders look to cash in on the strong upward move seen over the past several weeks.
The major averages have climbed well off their April lows amid easing trade concerns, with the Nasdaq and the S&P 500 reaching their best levels in almost three months.
However, JPMorgan Chase (JPM) CEO Jamie Dimon has warned stock market values may not properly represent the risks of higher inflation and even stagflation.
'My own view is people feel pretty good because you haven't seen effective tariffs,' Dimon said during the financial giant's annual investor day meeting on Monday. 'The market came down 10%, [it's] back up 10%. That's an extraordinary amount of complacency.'
On the other hand, Carson Group chief market strategist Ryan Detrick told CNBC the rebound should be taken seriously even amid lingering concerns about trade and the economy.
'All these worries and concerns are real. We're not ignoring everything that's out there,' Detrick said. 'But are we listening to what the market's doing, right?
'The previous 27 trading days, the S&P 500 is up close to 20 percent,' he added. 'That's not a bear market rally. That's not a short-covering rally,'
Most of the major sectors are showing only modest moves on the day, although gold stocks have moved notably higher along with the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 1.8 percent.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index edged up by 0.1 percent, while China's Shanghai Composite Index rose by 0.4 percent and Hong Kong's Hang Seng Index jumped by 1.5 percent.
The major European markets have also moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 0.8 percent, the French CAC 40 Index is up by 0.7 percent and the German DAX Index is up by 0.4 percent.
In the bond market, treasuries have bounced back near the unchanged line after an early slump. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 4.483 percent.
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