WASHINGTON (dpa-AFX) - Following the strong upward move seen over the past several sessions, stocks are turning in a relatively lackluster performance during trading on Thursday. The major averages are showing only modest moves on the day.
Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 50.83 points or 0.3 percent at 19,958.51, the S&P 500 is up 4.29 points or 0.1 percent at 6,090.66 and the Dow is up 165.11 points or 0.4 percent at 44,321.84.
The choppy trading on Wall Street comes as traders express some uncertainty about the near-term outlook for the markets following recent strength, which saw seen stocks largely offset the sell-off seen earlier this month.
The S&P 500 reached a new record intraday high on Wednesday before giving back some ground, while the Nasdaq is also back within striking distance of its record highs.
Lingering uncertainty about President Donald Trump's tariff policies may also be keeping some traders on the sidelines.
Trump is scheduled to deliver the keynote address before the World Economic Forum in Davos, Switzerland, later this morning.
In U.S. economic news, the Labor Department released a report showing initial jobless claims saw further upside in the week ended January 18th.
The Labor Department said initial jobless claims rose to 223,000, an increase of 6,000 from the previous week's unrevised level of 217,000. Economists had expected jobless claims to inch up to 220,000.
With the increase, jobless claims continued to regain ground after hitting a nearly eleven-month low in the week ended January 4th.
Sector News
Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.
Gold stocks have shown a significant move to the downside, however, with the NYSE Arca Gold Bugs Index falling by 1.5 percent. The weakness in the sector comes amid a decrease by the price of gold.
Notable weakness is also visible among semiconductor stocks, as reflected by the 1.4 percent loss being posted by the Philadelphia Semiconductor Index.
Telecom stocks are also seeing some weakness on the day, while oil producer stocks have moved 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 during trading on Thursday. Japan's Nikkei 225 Index advance by 0.8 percent, while Hong Kong's Hang Seng Index fell by 0.4 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index is up by 0.6 percent, the German DAX Index is up by 0.4 percent and the U.K.'s FTSE 100 Index is up by 0.2 percent.
In the bond market, treasuries are extending the pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 5.5 basis points at 4.654 percent.
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