WASHINGTON (dpa-AFX) - Stocks have shown a lack of direction over the course of the trading day on Monday, with the major averages bouncing back and forth across the unchanged line following the strong upward move seen last week.
Currently, the major averages narrowly mixed. While the Dow is down 97.53 points or 0.2 percent at 44,078.08, the S&P 500 is up 0.63 points or less than a tenth of a percent at 6,390.08 and the Nasdaq is up 36.41 points or 0.2 percent at 21,486.43.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of the release of several closely watched economic reports in the coming days.
The Labor Department's report on consumer price inflation in the month of July is likely to be in focus on Tuesday, as the data could impact the outlook for interest rates.
Economists currently expect consumer prices to rise by 0.2 percent in July after climbing by 0.3 percent in June, while the annual rate of growth is expected to inch up to 2.8 percent from 2.7 percent.
Core consumer prices, which exclude food and energy prices, are expected to increase by 0.3 percent in July after rising by 0.2 percent in June. The annual rate of growth is expected to tick up to 3.0 percent from 2.9 percent.
Ahead of the release of the data, CME Group's FedWatch Tool is indicating an 86.5 percent chance the Federal Reserve will lower interest rates by a quarter point next month.
Reports on producer price inflation, retail sales and industrial production are also likely to attract attention in the coming days.
Sector News
Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.
Oil service stocks have shown a notable move to the downside, however, with the Philadelphia Oil Service Index falling by 1.3 percent despite a slight increase by the price of crude oil.
Housing, gold and transportation stocks are also seeing some weakness on the day, while significant strength is visible among semiconductor stocks.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday, with Japanese markets closed for a holiday. China's Shanghai Composite Index rose by 0.3 percent, while Hong Kong's Hang Seng Index crept up by 0.2 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is up by 0.4 percent, the German DAX Index and the French CAC 40 Index are both down by 0.4 percent.
In the bond market, treasuries are seeing modest strength after trending lower over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.4 basis points at 4.269 percent.
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