WASHINGTON (dpa-AFX) - After moving to the upside early in the session, stocks have given back ground over the course of the trading day on Wednesday. The major averages have pulled back off their highs of the session and into negative territory.
Currently, the major averages are posting modest losses. The Dow is down 41.27 points or 0.1 percent at 42,302.38, the Nasdaq is down 30.16 points or 0.2 percent at 19,169.00 and the S&P 500 is down 9.07 points or 0.2 percent at 5,912.47.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of the release of earnings news from AI darling and market leader Nvidia (NVDA).
Nvidia, which is scheduled to release its fiscal first quarter results after the close of today's trading, is currently down by 0.2 percent.
Lingering uncertainty about President Donald Trump's trade policies may also be keeping some traders on the sidelines following recent volatility.
Trump's threat to impose 50 percent tariffs on imports from the European Union triggered a steep drop by stocks last Friday only for his decision to delay the proposed tariffs to spark the rally on Tuesday.
Traders are also looking ahead to this afternoon's release of the minutes of the Federal Reserve's latest monetary policy meeting, which may shed light on the outlook for interest rates.
Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.
Housing stocks have shown a notable move to the downside, however, with the Philadelphia Housing Sector Index falling by 1.2 percent.
Steel, telecom and oil producer stocks are also seeing some weakness on the day, while gold stocks are moving higher along with the price of the precious metal.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday. Japan's Nikkei 225 Index and China's Shanghai Composite Index closed just below the unchanged line, while South Korea's Kospi surged by 1.3 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index is down by 0.5 percent, the U.K.'s FTSE 100 Index is down by 0.4 percent and the French CAC 40 Index is down by 0.2 percent.
In the bond market, treasuries are giving back ground after moving notably higher over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.5 basis points at 4.479 percent.
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