WASHINGTON (dpa-AFX) - Following the lackluster performance seen in the previous session, stocks continue to show a lack of direction during trading on Thursday. The major averages have once again spent the day bouncing back and forth across the unchanged line.
Currently, the major averages are posting modest gains. The Nasdaq is up 75.70 points or 0.4 percent at 19,536.19, the S&P 500 is up 13.72 points or 0.2 percent at 5,984.53 and the Dow is up 37.11 points or 0.1 percent at 42,464.85.
The major averages moved to the upside in recent trading after President Donald Trump confirmed in a post on Truth Social that he had an approximately 90-minute phone call with Chinese President Xi Jinping.
Trump described the phone call with his Chinese counterpart as 'very good' and said it 'resulted in a very positive conclusion for both Countries.'
The president also said the two countries' teams will be 'meeting shortly at a location to be determined' and noted the conversation was focused 'almost entirely' on trade.
The phone call between Trump and Xi comes following recent signs of rising tensions between the U.S. and China over the trade agreement reached last month.
However, traders seem somewhat reluctant to make more significant moves ahead of the release of the Labor Department's closely watched monthly jobs report on Friday.
Economists currently expect employment to increase by 130,000 jobs in May after jumping by 177,000 jobs in April, while the unemployment rate is expected to hold at 4.2 percent.
The data could have a significant impact on the outlook for the economy following yesterday's weaker than expected reports on private sector employment and service sector activity.
With the more closely watched monthly jobs report looming, the Labor Department released a report this morning showing first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended May 31st.
Sector News
Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.
Gold stocks have shown a significant move to the upside, however, with the NYSE Arca Gold Bugs Index surging by 2.0 percent.
The rally by gold stocks comes despite a modest decrease by the price of the precious metal, as gold for August delivery is edging down $6.60 or 0.2 percent to $3,392.60 an ounce.
Software and steel stocks are also seeing some strength on the day, while airline and networking stocks have moved to the downside.
Other Markets
In overseas stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan's Nikkei 225 Index fell by 0.5 percent, while Hong Kong's Hang Seng Index jumped by 1.1 percent.
The major European markets have also turned mixed on the day. While the French CAC 40 Index is down by 0.2 percent, the U.K.'s FTSE 100 Index is just above the unchanged line and the German DAX Index is up by 0.2 percent.
In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. The yield on the benchmark ten-year note, which moves opposite of its price, is currently up by less than a basis point at 4.373 percent.
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