WASHINGTON (dpa-AFX) - Following the lackluster performance seen in the previous session, stocks continue to experience choppy trading on Tuesday. The major averages have spent the day bouncing back and forth across the unchanged line after ending Monday's trading mixed.
Currently, the major averages are on opposite sides of the unchanged line. While the Dow is up 13.58 points or less than a tenth of a percent at 51,864.13, the S&P 500 is down 8.93 points or 0.1 percent at 7,798.31 and the Nasdaq is down 57.94 points or 0.2 percent at 27,187.96.
Traders seemingly remain reluctant to make significant moves ahead of the release of a closely watched report on consumer price inflation on Wednesday.
The Labor Department is expected to show the annual rate of consumer price growth accelerated to 3.7 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 a 76.2 percent chance the Fed will leave interest rates unchanged after last month's quarter point rate hike.
The choppy trading on Wall Street also comes as traders react to mixed earnings news from financial giants JPMorgan Chase (JPM), Wells Fargo (WFC) and Goldman Sachs (GS).
Shares of JPMorgan have moved to the upside after the company reported weaker than expected third quarter results but raised its net interest income outlook for the year.
Goldman Sachs also moved higher after reporting third quarter results that exceeded analyst estimates on both the top and bottom lines.
Meanwhile, shares of Wells Fargo have moved to the downside after the company reported third quarter earnings that exceeded estimates but weaker than expected revenues.
Sector News
Airline stocks have shown a significant move to the downside on the day, with the NYSE Arca Airline Index slumping by 2.1 percent.
Considerable weakness is also visible among networking stocks, as reflected by the 1.9 percent loss being posted by the NYSE Arca Networking Index.
Semiconductor, gold and pharmaceutical stocks are also seeing notable weakness, while oil producer stocks are extending the rally seen in the previous session.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday. South Korea's Kopsi plunged by 5.5 percent and Japan's Nikkei 225 Index slumped by 1.8 percent, while Hong Kong's Hang Seng Index rose by 0.3 percent.
Meanwhile, the major European markets have moved modestly lower on the day. While the French CAC 40 Index is down by 0.2 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both down by less than a tenth of a percent.
In the bond market, treasuries have moved to the upside following the Columbus Day holiday on Monday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.5 basis points at 5.219 percent.
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