WASHINGTON (dpa-AFX) - Stocks have shown a lack of direction over the course of the trading session on Thursday, with the Nasdaq and the S&P 500 bouncing back and forth across the unchanged line following the sell-off seen over the course of the previous session.
Currently, the Nasdaq is down 32.21 points or 0.2 percent at 16,274.95, but the S&P 500 is up 12.78 points or 0.2 percent at 5,288.48.
The narrower Dow has shown a more significant move to the downside, tumbling 486.22 points or 1.2 percent to 39,183.17.
The slump by the Dow largely reflects a nosedive by shares of UnitedHealth (UNH), with the healthcare giant plummeting by 22.7 percent.
UnitedHealth has tumbled to a nearly two-month intraday low after the company reported weaker than expected first quarter earnings and cut its full-year profit forecast.
The lack of direction being shown by the broader markets comes amid lingering uncertainty about President Donald Trump's tariffs despite his upbeat comments about trade talks.
Trump said in a post on Truth Social on Wednesday that 'big progress' had been made in a meeting with the Japanese trade delegation.
'Had a very productive call with the President of Mexico yesterday,' he added in a post this morning. 'Likewise, I met with the highest level Japanese Trade Representatives. It was a very productive meeting. Every Nation, including China, wants to meet! Today, Italy!'
In U.S. economic news, the Labor Department released a report unexpectedly showing a modest decrease by first-time claims for U.S. unemployment benefits in the week ended April 12th.
The report said initial jobless claims dipped to 215,000, a decrease of 9,000 from the previous week's revised level of 224,000.
Economists had expected initial jobless claims to inch up to 225,000 from the 223,000 originally reported for the previous week.
A separate report released by the Commerce Department showed new residential construction in the U.S. pulled back by much more than expected in the month of March.
Sector News
Despite the lack of direction being shown by the broader markets, pharmaceutical stocks have moved sharply higher, resulting in a 4.1 percent spike by the NYSE Arca Pharmaceutical Index.
Eli Lilly (LLY) has helped lead the sector higher, soaring by 14.6 percent after reporting positive results from a phase-three trial of a pill to treat weight loss and diabetes.
A continued surge by the price of crude oil is also contributing to substantial strength among energy stocks, with the Philadelphia Oil Service Index and the NYSE Arca Oil Index jumping by 3.6 percent and 3.3 percent, respectively.
Transportation, housing and utilities stocks are also seeing considerable strength on the day, while gold stocks are moving notably lower along with the price of the precious metal.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index jumped by 1.4 percent, while Hong Kong's Hang Seng Index surged by 1.6 percent.
Meanwhile, the major European markets have turned mixed on the day. While the U.K.'s FTSE 100 Index is up by 0.2 percent, the German DAX Index and the French CAC 40 Index are both down by 0.5 percent.
In the bond market, treasuries are giving back ground after trending higher over the past few sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.5 basis points at 4.304 percent.
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