WASHINGTON (dpa-AFX) - After ending the previous session mostly lower on late-day weakness, stocks have shown a lack of direction over the course of the trading day on Tuesday. The major averages have spent the day bouncing back and forth across the unchanged line.
Currently, the major averages are narrowly mixed. While the Dow is 7.72 points or less than a tenth of a percent at 45,274.75, the S&P 500 is up 1.11 points or less than a tenth of a percent at 6,440.43 and the Nasdaq is up 30.14 points or 0.1 percent at 21,479.43.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of earnings news from Nvidia (NVDA), with the AI darling and market leader due to report its second quarter results after the close of trading on Wednesday.
The latest U.S. economic data is also likely to attract attention later this week, as the Commerce Department is due to release a report on Friday that includes the Fed's preferred readings on consumer price inflation.
Reaction to reports on durable goods orders, consumer confidence and second quarter GDP may also impact trading in the coming days.
Traders are also keeping an eye on the latest developments in Washington after President Donald Trump said he is removing Fed Governor Lisa Cook from her position.
In a letter to Cook posted on Truth Social, Trump accused her of making false statements on one or more mortgage agreements.
However, Cook responded with a statement claiming Trump does not have the authority to fire her and said she will not resign.
'I will continue to carry out my duties to help the American economy as I have been doing since 2022,' said Cook.
Meanwhile, Trump has threatened to impose 'substantial additional tariffs' on countries that do not remove digital taxes and related regulations that harm U.S. tech companies.
'America, and American Technology Companies, are neither the 'piggy bank' nor the 'doormat' of the World any longer,' Trump said on Truth Social. 'Show respect to America and our amazing Tech Companies or, consider the consequences!'
On Monday, Trump threatened to impose 200 percent tariffs on China if Beijing does not export rare-earth magnets to the U.S.
Sector News
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.
Gold stocks have shown a strong move to the upside, however, with the NYSE Arca Gold Bugs Index climbing by 1.6 percent to a twelve-year intraday high amid a modest increase by the price of the precious metal.
Considerable strength is also visible among networking stocks, as reflected by the 1.6 percent gain being posted by the NYSE Arca Networking Index. With the advance, the index has reached a record intraday high.
Semiconductor and airline stocks are also seeing some strength on the day, while energy stocks have moved to the downside amid a sharp pullback by the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan's Nikkei 225 Index slumped by 1.0 percent, while Hong Kong's Hang Seng Index tumbled by 1.2 percent.
The major European markets have also moved to the downside on the day. While the French CAC 40 Index is down by 1.5 percent, the U.K.'s FTSE 100 Index is down by 0.6 percent and the German DAX Index is down by 0.2 percent.
In the bond market, treasuries are adding to the modest weakness seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.2 basis points at 4.287 percent.
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