Major Averages Nearly Unchanged In Mid-Day Trading – U.S. Commentary

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( – After moving to the downside early in the session, stocks have rebounded over the course of the trading session on Monday. The major averages have climbed well off their worst levels of the day and are now lingering near the unchanged line.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 6.19 points or 0.1 percent at 6,210.34, the Dow is up 8.86 points or less than a tenth of a percent at 21,683.37 and the S&P 500 is up 1.73 points or 0.1 percent at 2,427.28.

The early weakness on Wall Street came as traders continued to express concerns about President Donald Trump’s ability to implement his pro-business agenda.

Selling pressure remained relatively subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

Federal Reserve Chair Janet Yellen is scheduled to speak at the Fed’s economic policy symposium in Jackson Hole, Wyoming, on Friday, and traders are likely to keep an eye on her remarks for clues about the outlook for monetary policy.

Reports on new and existing home sales and durable goods orders are also likely to attract attention in the coming days.

Most of the major sectors are showing only modest moves in mid-day trading, contributing to the roughly flat performance by the broader markets.

Gold stocks have shown a strong move to the upside on the day, however, with the NYSE Arca Gold Bugs Index climbing by 1.3 percent.

The strength among gold stocks comes amid an increase by the price of the precious metal, as gold for December delivery is rising $3.50 to $1,295.10 an ounce.

Commercial real estate stocks are also seeing some strength in mid-day trading, while weakness is visible among natural gas and oil service 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 fell by 0.4 percent, while Hong Kong’s Hang Seng Index rose by 0.4 percent.

Meanwhile, the major European markets all moved to the downside on the day. While the U.K.’s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index dropped by 0.5 percent and the German DAX Index slid by 0.8 percent.

In the bond market, treasuries have pulled back near the unchanged line after seeing early…

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