WASHINGTON (dpa-AFX) - Stocks are turning in a lackluster performance during trading on Monday, with the major averages moving in opposite directions after ending last Friday's trading firmly in positive territory.
Currently, the Dow is up 249.74 points or 0.5 percent at 51,904.69, but the S&P 500 is down 7.00 points or 0.1 percent at 7,804.54 and the Nasdaq is down 107.39 points or 0.4 percent at 27,258.78.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of the release of key inflation data in the coming days.
The Labor Department is scheduled to release its report on consumer price inflation on Wednesday, with the annual rate of consumer price growth expected to accelerate to 3.6 percent in September from 3.4 percent in August.
The data could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
Ahead of the release of the data, CME Group's FedWatch Tool is currently indicating an 80.6 percent chance the Fed will leave interest rates unchanged after last month's quarter point rate hike.
Earnings news is also likely to attract attention, as financial giants Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC) are among the companies due to report their quarterly results this week.
The strength of the companies' quarterly results as well as their guidance could have a significant impact on the outlook for the markets as earnings season picks up steam.
Sector News
Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.
Computer hardware stocks have shown a significant move to the downside, however, with the NYSE Arca Computer Hardware Index tumbling by 2.5 percent.
Networking and semiconductor stocks are also seeing considerable weakness, contributing to the pullback by the tech-heavy Nasdaq.
Notable weakness is also visible among airline stocks, while oil producer stocks are moving higher along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday, with the Japanese markets closed for a holiday. South Korea's Kospi plunged by 3.7 percent, while Australia's S&P/ASX 200 Index advanced by 0.8 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index is up by 0.4percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.8 percent.
The bond markets are closed on the day in observance of Columbus Day.
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