WASHINGTON (dpa-AFX) - Stocks failed to sustain an initial upward moved and came under pressure in morning trading on Monday but have moved back to the upside since then. The major averages have climbed well off their lows of the session, with the Dow and the S&P 500 returning to positive territory.
Currently, the major averages are narrowly mixed. While the Nasdaq is down 27.98 points or 0.1 percent at 19,496.02, the S&P 500 is up 14.61 points or 0.2 percent at 6,027.74 and the Dow is up 228.52 points or 0.5 percent at 43,656.54.
The initial strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following the weakness seen over the two previous sessions, which dragged the Dow down to its lowest closing level in a month.
Buying interest waned shortly after the start of trading, however, with tech stocks leading the subsequent pullback amid concerns about the sustainability of the artificial intelligence trade.
The recovery seen since then comes as traders seem reluctant to make significant bets ahead of the release of earnings news from Nvidia (NVDA).
The AI darling and market leader is scheduled to release its fourth quarter results after the close of trading on Wednesday.
A lack of major U.S. economic data may also be keeping some traders on the sidelines as they look ahead to the release of the Federal Reserve's preferred readings on consumer price inflation on Friday.
Sector News
Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.
Pharmaceutical stocks have shown a strong move to the upside, however, with the NYSE Arca Pharmaceutical Index climbing by 1.3 percent to its best intraday level in over three months.
Notable strength has also emerged among steel stocks, as reflected by the 1.2 percent gain being posted by the NYSE Arca Steel Index.
Commercial real estate and healthcare stocks are also seeing some strength, while weakness remains visible among technology stocks.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Monday, with the Japanese markets closed in observance of the emperor's birthday. Hong Kong's Hang Seng Index slid by 0.6 percent, while China's Shanghai Composite Index dipped by 0.2 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index climbed by 0.6 percent, the U.K.'s FTSE 100 Index closed just below the unchanged line and the French CAC 40 Index fell by 0.8 percent.
In the bond market, treasuries have moved higher, extending the strong upward move seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.6 basis points at 4.394 percent.
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