WASHINGTON (dpa-AFX) - Following the upward move seen over the two previous sessions, stocks are turning in a relatively lackluster performance during trading on Wednesday. The major averages have fluctuated over the course of the session and are currently turning in a mixed performance.
While the Dow reached a new record intraday high in early trading, the blue chip index is down 123.60 points or 0.3 percent at 49,338.48.
Meanwhile, the S&P 500 is up 13.31 points or 0.2 percent at 6,958.13 after reaching a record intraday high and the tech-heavy Nasdaq is up 131.98 points or 0.6 percent at 23,679.15.
The choppy trading on Wall Street comes as traders take a step back to assess the recent strength in the markets, which lifted the Dow and the S&P 500 to new record closing highs on Tuesday.
Traders are also digesting the latest U.S. economic data, including a report from payroll processor ADP showing private sector employment increased by slightly less than expected in the month of December.
ADP said private sector employment rose by 41,000 jobs in December after falling by a revised 29,000 jobs in November.
Economists had expected private sector employment to climb by 47,000 jobs compared to the loss of 32,000 jobs originally reported for the previous month.
A separate report released by the Labor Department showed job openings in the U.S. fell by more than expected in the month of November.
On Friday, the Labor Department is scheduled to release its report on the employment situation in the month of December.
Economists currently expect employment to increase by 60,000 jobs in December after climbing by 64,000 jobs in November. The unemployment rate is expected to edge down to 4.5 percent from 4.6 percent.
Meanwhile, the Institute for Supply Management released a report showing an unexpected increase by its reading on U.S. service sector activity in the month of December.
The ISM said its services PMI climbed to 54.4 in December from 52.6 in November, with a reading above 50 indicating growth. Economists had expected the index to edge down to 52.3.
With the unexpected increase, the services PMI reached its highest level since hitting 56.0 in October 2024.
Sector News
Despite the lackluster performance by the broader markets, pharmaceutical stocks have shown a strong move to the upside, driving the NYSE Arca Pharmaceutical Index up by 1.9 percent to a record intraday high.
Notable strength is also visible among software stocks, as reflected by the 1.8 percent gain being posted by the Dow Jones U.S. Software Index.
Biotechnology stocks are also seeing strength on the day, while gold stocks are moving lower along with the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 1.6 percent.
Financial, computer hardware and utilities stocks are also seeing considerable weakness, offsetting the strength in the aforementioned sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday. Japan's Nikkei 225 Index slumped by 1.1 percent, while China's Shanghai Composite Index inched up by 0.1 percent and South Korea's Kospi climbed by 0.6 percent.
The major European markets have also moved in opposite directions on the day. While the U.K.'s FTSE 100 Index is down by 0.6 percent, the French CAC 40 Index is up by 0.2 percent and the German DAX Index is up by 0.9 percent.
In the bond market, treasuries have moved to the upside in reaction to the latest U.S. economic data. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.5 basis points at 4.144 percent.
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