Major Averages Lingering Near Unchanged Line In Early Trading

(RTTNews) - After recovering from an early move to the downside over the course of the previous session, stocks are showing a lack of direction in early trading on Friday. The major averages have been bouncing back and forth across the unchanged line.

The choppy trading on Wall Street reflects uncertainty about the near-term outlook for the markets following the recent move to record highs by the Dow and the S&P 500.

While some traders have seemingly been looking for any excuse to cash in on the recent gains, the selling pressure is typically offset by concerns about missing out on further upside.

On the economic front, Thomson Reuters and the University of Michigan released a report showing that consumer sentiment improved in the month of June.

Most of the major sectors are showing only modest moves, although some weakness has emerged among chemical stocks. Reflecting the weakness in the chemical sector, the Dow Jones Chemicals Index has fallen by 1 percent.

DuPont (DD) is leading the chemical sector lower after the industry giant cut its second quarter and full-year earnings guidance.

Steel and biotech stocks are also seeing some weakness in early trading, while strength is visible among gold stocks.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 1.54 points or less than a tenth of a percent at 4,380.58, the Dow is down 31.08 points or 0.2 percent at 16,815.05 and the S&P 500 is down 1.58 points or 0.1 percent at 1,955.64.