WASHINGTON (dpa-AFX) - Following the lackluster performance seen in the previous session, stocks continue to show a lack of direction during trading on Tuesday. The major averages have once again spent the day bouncing back and forth across the unchanged line.
Currently, the major averages are narrowly mixed. While the S&P 500 is up by 3.38 points or less than a tenth of a percent at 7,756.49, the Dow is down 12.65 points or less than a tenth of a percent at 53,963.33 and the Nasdaq is down 27.32 points or 0.1 percent at 26,578.04.
The choppy trading on Wall Street comes as traders remain reluctant to make significant moves ahead of the release of key U.S. inflation data in the coming days.
The Labor Department is scheduled to release reports on consumer and producer inflation on Wednesday and Thursday, respectively.
On the heels of last Friday's report showing an unexpected decrease in U.S. employment, the data could impact the outlook for interest rates.
'US equities are hovering near record highs, but the next leg of the rally will depend on Wednesday's US inflation report,' said Daniela Hathorn, Senior Market Analyst at Capital.com.
'After another strong earnings season, particularly among the technology giants, investors have become increasingly comfortable with the idea that the economy can continue expanding without forcing the Federal Reserve into further policy tightening,' she added. 'Whether that optimism proves justified now hinges on the inflation data.'
Traders are also keeping an eye on the price of crude oil, with U.S. crude oil futures currently nearly unchanged after surging as much as 3 percent earlier this morning.
In U.S. economic news, the National Association of Realtors released a report showing existing home sales saw further downside in the month of July.
NAR said existing home sales tumbled by 1.7 percent to an annual rate of 4.06 million in July after slumping by 1.4 percent to an upwardly revised rate of 4.13 million in June.
Economists had expected existing home sales to decrease by 1.0 percent to an annual rate of 4.05 million from the 4.09 million originally reported for the previous month.
Sector News
While most of the major sectors are showing only modest moves on the day, computer hardware stocks have moved sharply higher, driving the NYSE Arca Computer Hardware Index up by 4 percent to its best intraday level in well over a month.
Housing and semiconductor stocks are also seeing notable strength, with the Philadelphia Housing Sector Index and the Philadelphia Semiconductor Index climbing by 1.3 percent and 1.2 percent, respectively.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday, with the Japanese markets closed for a holiday. China's Shanghai Composite Index slid by 0.8 percent, while South Korea's Kospi Index advanced by 0.7 percent.
Meanwhile, European stocks have moved mostly higher on the day. The German DAX Index is up by 0.6 percent and the French CAC 40 Index is up by 0.2 percent, although the U.K.'s FTSE 100 Index is just below the unchanged line.
In the bond market, treasuries have moved back to the upside following the weakness seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.5 basis points at 4.684 percent.
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