WASHINGTON (dpa-AFX) - After showing a strong move to the upside early in the session, stocks have given back ground over the course of the trading day on Monday. The major averages have pulled back well off their highs of the session, with the Nasdaq and the S&P 500 falling into negative territory.
Currently, the major averages are turning in a mixed performance. While the Dow is up 202.05 points or 0.4 percent at 52,149.30, the S&P 500 is down 10.92 points or 0.2 percent at 7,401.06 and the Nasdaq is down 95.57 points or 0.4 percent at 24,880.25.
The initial strength on Wall Street came amid an extended pullback by the price of crude oil, with U.S. crude oil futures plunging by nearly 7 percent.
Crude oil prices have plummeted on news U.S. President Donald Trump has halted nearly two weeks of attacks on Iran to allow more room for diplomacy.
'He's giving talks some space, he's giving it a little bit of room,' U.S. ambassador to the United Nations Mike Waltz told Fox News on Sunday.
Iran subsequently stopped conducting counterattacks and said it had made progress in talks with Oman on management of the Strait of Hormuz.
Treasury yields have slumped along with the price of crude oil, easing concerns about the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting this week.
The subsequent pullback by the markets came amid substantial weakness among semiconductor stocks, with the Philadelphia Semiconductor Index tumbling by 4.8 percent. The index is on pace to end the session at its lowest closing level in well over two months.
Considerable weakness has also emerged among computer hardware stocks, as reflected by the 2.6 percent slump by the NYSE Arca Computer Hardware Index.
Energy stocks are also seeing significant weakness amid the steep drop by crude oil prices, while software stocks have moved sharply higher, driving the Dow Jones U.S. Software Index up by 3.2 percent.
The slump by the price of crude oil has also contributed to notable strength among airline stocks, resulting in a 1.7 percent gain by the NYSE Arca Airline Index.
In U.S. economic news, the Commerce Department released a report showing new orders for U.S. manufactured durable goods rebounded by much less than expected in the month of June.
The Commerce Department said durable goods orders rose by 0.3 percent in June after tumbling by a revised 4.0 percent in May.
Economists had expected durable goods orders to jump by 1.7 percent compared to the 4.5 percent plunge originally reported for the previous month.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index rose by 0.5 percent, while China's Shanghai Composite Index jumped by 1.2 percent.
The major European markets have also moved to the upside on the day. While the German DAX Index is up by 1.4 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both up by 0.8 percent.
In the bond market, treasuries are extending the rebound seen during last Friday's session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.8 basis points at 4.651 percent.
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