WASHINGTON (dpa-AFX) - Following the rally seen in the previous session, stocks have shown a lack of direction over the course of the trading day on Friday. The major averages have spent the day bouncing back and forth across the unchanged line.
Currently, the major averages are posting modest losses. The Dow is down 57.29 points or 0.2 percent at 39,389.20, the Nasdaq is down 48.57 points or 0.3 percent at 16,611.45 and the S&P 500 is down 3.45 points or 0.1 percent at 5,315.86.
The choppy trading on Wall Street comes as traders express some uncertainty about the outlook for the markets following recent volatility.
While the major averages have shown a notable recovery following the sell-off seen late last week and early this week, they remain well off their recent highs.
Traders may also be reluctant to make significant moves amid a lack of major U.S. economic on the day ahead of the release of several key reports next week.
Key inflation data is likely to be in the spotlight next week, although reports on retail sales and industrial production may also drive trading amid recent concerns about the outlook for the economy.
Among individual stocks, shares of Expedia (EXPE) are moving sharply higher after the travel technology company reported better than expected second quarter results.
Cloud computing company Akamai Technologies (AKAM) is also seeing significant strength after reporting second quarter results that beat estimates and raising its full-year guidance.
On the other hand, shares of e.l.f. Beauty (ELF) have come under pressure even though the company reported better than expected fiscal first quarter results.
Sector News
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.
However, networking stocks are giving back ground after skyrocketing in the previous session, with the NYSE Arca Networking Index falling by 1.6 percent after spiking by 8.4 percent on Thursday.
Notable weakness is also visible among semiconductor stocks, as reflected by the 1.2 percent loss being posted by the Philadelphia Semiconductor Index.
Meanwhile, pharmaceutical stocks have shown a strong move to the upside, driving the NYSE Arca Pharmaceutical Index up by 2.2 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index climbed by 0.6 percent, while Hong Kong's Hang Seng Index shot up by 1.2 percent.
Most European stocks have also moved to the upside on the day. The U.K.'s FTSE 100 Index is up by 0.3 percent and the French CAC 40 Index is up by 0.2 percent, although the German DAX Index is nearly unchanged.
In the bond market, treasuries are regaining ground after trending lower over the past few sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 6.5 basis points at 3.932 percent.
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