WASHINGTON (dpa-AFX) - After failing to sustain an early move to the upside, stocks have shown a lack of direction over the course of the trading session on Friday. The major averages have pulled back well off their highs of the session and spent the day bouncing back and forth across the unchanged line.
Currently, the major averages are turning in a mixed performance. While the Dow is up 40.94 points or 0.1 percent at 52,249.00, the Nasdaq is down 44.06 points or 0.2 percent at 25,078.11 and the S&P 500 is down 11.80 points or 0.2 percent at 7,425.83.
The initial strength on Wall Street came as technology stocks extended yesterday's rally amid a sharp increase by shares of online retail giant Amazon (AMZN).
Shares of Amazon are soaring by 14.5 percent after the company reported better-than-expected second quarter revenue and cloud growth.
Buying interest has waned over the course of the session, however, as the price of crude oil shows a strong move back to the upside following yesterday's pullback.
U.S. crude oil futures are surging by nearly 2 percent, contributing to a sharp increase in treasury yields amid concerns about the outlook for inflation and interest rates.
A steep drop by shares of Apple (AAPL) is also weighing on the markets, with the tech giant plunging by 9.3 percent.
Apple is under pressure after the company reported fiscal third quarter revenue that exceeded analyst estimates but issued weak guidance for the current quarter.
Sector News
With Amazon leading the way higher, retail stocks have moved sharply higher on the day, driving the Dow Jones U.S. Retail Index up by 6.3 percent to a two-month intraday high.
Oil service stocks are also seeing notable strength amid the surge in crude oil prices, with the Philadelphia Oil Service Index climbing by 1.3 percent.
On the other hand, biotechnology stocks have moved sharply lower, dragging the NYSE Arca Biotechnology Index down by 3.4 percent to its lowest intraday level in a month.
Gold stocks are also seeing substantial weakness amid a steep drop by the price of the precious metal, as reflected by the 3.1 percent plunge by the NYSE Arca Gold Bugs Index.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 2225 Index soared by 4 percent, while South Korea's Kospi skyrocketed by 17.9 percent.
Meanwhile, the major European markets have turned mixed over the course of the session. While the U.K.'s FTSE 100 Index is down by 0.2 percent, the German DAX Index is up by 0.3 percent and the French CAC 40 Index is up by 0.6 percent.
In the bond market, treasuries have moved sharply lower amid the renewed spike in crude oil prices. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 7.0 basis points at 4.733 percent.
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