Major Averages Turning In Mixed Performance In Morning Trading

After an initial move to the upside, stocks have turned mixed over the course of morning trading on Monday. The Dow has climbed to a new record intraday high, while the Nasdaq and the S&P 500 have pulled back into negative territory.

Currently, the major averages are turning in a mixed performance. While the Dow is up 61.47 points or 0.3 percent at 21,891.78, the Nasdaq is down 28.82 points or 0.5 percent at 6,345.86 and the S&P 500 is down 1.35 points or 0.1 percent at 2,470.75.

The Dow is benefiting from a continued advance by shares of Boeing (BA), with the aerospace giant jumping by 1.4 percent.

The continued rally by Boeing comes after the company said it expects India to order up to 2,100 new aircraft worth $290 billion over the next 20 years.

On the U.S. economic front, the National Association of Realtors released a report showing pending home sales rebounded by more than expected in the month of June.

NAR said its pending home sales index jumped by 1.5 percent to 110.2 in June after falling to 108.6 in May. Economists had expected pending home sales to climb by 1.0 percent.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

A separate report from MNI Indicators showed growth in Chicago-area business activity slowed by more than anticipated in the month of July.

MNI Indicators said its Chicago business barometer tumbled to 58.9 in July from 65.7 in June. While a reading above 50 still indicates growth, economists had expected the index to drop to 61.0.

Energy stocks are seeing considerable weakness in morning trading, as crude oil for September delivery is falling $0.39 to $49.32 a barrel.

Internet and tobacco stocks have also shown notable moves to the downside, while significant strength is visible among steel stocks.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index dipped by…

Read the full article at the Original Source..

Back to Top