Sun. Sep 20th, 2020

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U.S. Stocks Turning In Lackluster Performance In Mid-Day Trading

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Following the sharp pullback seen over the course of the previous session, stocks are turning in a relatively lackluster performance during trading on Friday. The major averages have fluctuated over the course of the session.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 9.96 points or 0.1 percent at 10,909.63, the Dow is up 212.88 points or 0.8 percent at 27,747.46 and the S&P 500 is up 14.87 points or 0.5 percent at 3,354.06.

The choppy trading on Wall Street comes as traders seem reluctant to make significant moves following the substantial volatility seen over the past several sessions.

Stocks saw early strength on Thursday, extending the notable rebound from the three-day sell-off that was seen on Wednesday.

Buying interest waned over the course of the session, however, leading to another tech sector-led drop by the broader markets.

Many of the big-name tech stocks are showing only modest in today’s session, with Microsoft (MSFT), Alphabet (GOOGL), Facebook (FB) and Amazon (AMZN) all lingering near the unchanged line.

Apple (AAPL), which has been a key drive of the markets in recent sessions, is down by 1.3 percent, contributing to the modest drop by the Nasdaq.

Among individual stocks, shares of Zumiez (ZUMZ) are sharply higher after the actions sports apparel and equipment retailer reported better than expected fiscal second results.

Casual footwear maker Crocs (CROX) is also posting a standout gain after providing upbeat third quarter revenue guidance.

On the other hand, shares of Dave & Buster’s (PLAY) have come under pressure after the restaurant chain reported a narrower than expected fiscal second quarter loss but on revenues that missed analyst estimates.

In U.S. economic news, the Labor Department released a report showing consumer prices increased by slightly more than anticipated in the month of August.

The Labor Department said its consumer price index climbed by 0.4 percent in August after advancing by 0.6 percent for two straight months. Economists had expected consumer prices to rise by 0.3 percent.

Excluding food and energy prices, core consumer prices still rose by 0.4 percent in August following a 0.6 percent increase in July. Core consumer prices were expected to edge up by 0.2 percent.

Sector News

Most of the major sectors are showing only modest moves on the day, although substantial strength has emerged among steel stocks.

Reflecting the strength in the sector, the NYSE Arca Steel Index has surged up by 2.7 percent but remains stuck in a month-long trading range.

Significant strength is also visible among chemical stocks, as reflected by the 1.5 percent gain being posted by the S&P Chemical Sector Index.

Housing, pharmaceutical, and transportation stocks are also seeing some strength on the day, as some traders cycle out of tech stocks.

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 0.7 percent, while China’s Shanghai Composite Index advanced by 0.8 percent.

Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index edged down by 0.1 percent, the French CAC 40 Index crept up by 0.2 percent and the U.K.’s FTSE 100 Index rose by 0.5 percent.

In the bond market, treasuries are seeing modest strength after turning positive over the course of the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.3 basis points at 0.672 percent.

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2020-09-11 12:10:13


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