WASHINGTON (dpa-AFX) - Stocks have shown a lack of direction over the course of the trading day on Wednesday, with the major averages bouncing back and forth across the unchanged line following the mixed performance seen in the previous session.
Currently, the major averages are narrowly mixed. While the Nasdaq is down 15.39 points or 0.1 percent at 26,360.95, the S&P 500 is up 4.78 points or 0.1 percent at 7,516.13 and the Dow is up 249.38 points or 0.5 percent at 52,249.05.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement later this afternoon.
While the Fed is widely expected to leave interest rates unchanged, the accompanying statement and new Chair Kevin Warsh's post-meeting comments could impact the outlook for rates.
Lingering uncertainty about the preliminary U.S.-Iran deal may also be keeping some traders on the sidelines amid a lack of details about the proposed agreement.
Crude oil prices are regaining some ground after President Donald Trump noted the deal is 'not final' and warned the U.S. would 'go right back to dropping bombs' on Iran if he doesn't like the terms.
In U.S. economic news, the Commerce Department released a report showing retail sales in the U.S. increased by much more than expected in the month of May.
The Commerce Department said retail sales grew by 0.9 percent in May after rising by a downwardly revised 0.4 percent in April.
Economists had expected retail sales to climb by 0.5 percent, matching the increase originally reported for the previous month.
Sector News
Despite the lackluster performance by the broader markets, semiconductor stocks have shown a strong move back to the upside after yesterday's pullback.
The Philadelphia Semiconductor Index has surged by 3.2 percent, partly offsetting the 5.7 percent plunge seen in the previous session.
Gold stocks are also seeing substantial strength amid an increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 2.6 percent.
Brokerage, biotechnology and computer hardware stocks are also seeing considerable strength, while retail, transportation and software stocks are showing notable moves to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index advanced by 0.7 percent, while China's Shanghai Composite Index increased by 0.4 percent.
Meanwhile, the major European markets have moved modestly lower. While the French CAC 40 Index is down by 0.3 percent, the German DAX Index is down by 0.1 percent and the U.K.'s FTSE 100 Index is just below the unchanged line.
In the bond market, treasuries are showing a lack of direction ahead of the Fed announcement. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 4.436 percent.
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