Major Averages Posting Modest Losses In Early Trading
(Alliance News Via Acquire Media NewsEdge) WASHINGTON (Alliance News) - With traders expressing some uncertainty, stocks are showing a lack of direction in early trading on Friday. The major averages are lingering near the unchanged line after moving notably lower over the course of the two previous sessions.
The choppy trading on Wall Street comes as traders weigh worries about escalating violence in Iraq against upbeat guidance from semiconductor giant Intel (INTC).
Some negative sentiment has been generated by news that Islamic militants have captured significant territory in Iraq, raising concerns about the outlook for crude oil supplies.
However, traders have also reacted positively to news that Intel raised its second quarter guidance due to stronger than expected demand for business PCs.
While most of the major sectors are showing only modest moves in response to the mixed catalysts, notable weakness has emerged among gold stocks. The NYSE Arca Gold Bugs Index is down by 1.5% after moving sharply higher over the past few sessions.
Housing stocks are also seeing some early weakness, while strength is visible among semiconductor and computer hardware stocks.
Currently, the major averages are posting modest losses on the day. The Dow is down 11.04 points or 0.1% at 16,723.15, the Nasdaq is down 7.05 point or 0.2% at 4,290.58 and the S&P 500 is down 1.81 points or 0.1% at 1,928.30.
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