Major Averages Lingering Near The Unchanged Line In Early Trading

(RTTNews) - After ending the previous session firmly in positive territory, stocks are turning in a lackluster performance in early trading on Thursday. The major averages moved slightly higher at the open but have been lingering near the unchanged line since then.

The choppy trading on Wall Street comes as traders are digesting mixed news, including calming remarks from Russian President Vladimir Putin and disappointing U.S. jobs data.

Putin generated some positive sentiment earlier in the morning, as he claimed that Russia will do everything possible to end the conflict between the Ukrainian government and pro-Russian separatists.

However, the buying interest was partly offset by a report from the Labor Department showing that initial jobless claims rose by more than expected in the week ended August 9th.

Traders are also digesting quarterly results and guidance from corporate giants Cisco Systems (CSCO) and Wal-Mart (WMT).

Most of the major sectors are showing only modest moves in early trading, contributing to the lack of direction being shown by the broader markets.

Gold stocks are seeing significant strength, however, with the NYSE Arca Gold Bugs Index climbing by 1.2 percent. The strength in the sector comes amid a modest increase by the price of gold.

Currently, the major averages are posting modest gains. The Dow is up 11.67 points or 0.1 percent at 16,663.47, the Nasdaq is up 2.23 points or 0.1 percent at 4,436.36 and the S&P 500 is up 2.54 points or 0.1 percent at 1,949.26.