WASHINGTON (dpa-AFX) - Following the strong upward move seen during last Friday's session, stocks are turning in a relatively lackluster performance during trading on Monday. Despite the choppy trading, the tech-heavy Nasdaq has reached a new three-month intraday high.
Currently, the major averages are turning in a mixed performance. While the Dow is down 97.97 points or 0.2 percent at 42,664.90, the S&P 500 is up 7.21 points or 0.1 percent at 6,007.57 and the Nasdaq is up 85.37 points or 0.4 percent at 19,615.32.
The choppy trading on Wall Street comes as traders await any news of U.S.-China trade talks that in London later today that could help ease trade tensions between the two superpowers.
Beijing confirmed that Vice Premier He Lifeng will attend the talks. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer would likely be present with the U.S. delegation.
Traders are also looking ahead to the release of some key economic data in the coming days, including closely watched reports on consumer price and producer price inflation.
A University of Michigan report on U.S. consumer sentiment and inflation expectations may also impact trading later in the week.
Despite the lackluster performance by the broader markets, semiconductor stocks have moved sharply higher on the day, driving the Philadelphia Semiconductor Index up by 2.5 percent to its best intraday level in over three months.
Considerable strength is also visible among computer hardware stocks, as reflected by the 1.9 percent jump by the NYSE Arca Computer Hardware Index.
Oil service, telecom and networking stocks are also seeing significant strength, while brokerage stocks have shown a notable move to the downside.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index advanced by 0.9 percent, while Hong Kong's Hang Seng Index jumped by 1.6 percent.
Meanwhile, the major European markets have moved to the downside on the day. While the German DAX Index is down by 0.6 percent, the French CAC 40 Index is down by 0.3 percent and the U.K.'s FTSE 100 Index is down by 0.2 percent.
In the bond market, treasuries are seeing modest strength following the steep drop seen last Friday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.4 basis points at 4.496 percent.
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