Major Averages On Opposite Sides Of Unchanged Line In Mid-Day Trading

(RTTNews) - Following the release of the closely watched monthly jobs report, stocks have had difficulty sustaining any significant moves during trading on Friday. The major averages have spent much of the day bouncing back and forth across the unchanged line.

Reflecting concerns about the outlook for monetary policy, interest rate-sensitive utilities stocks are seeing substantial weakness on the day. The Dow Jones Utilities Average has plunged by 4.1 percent, hitting its lowest intraday level in nearly two months.

Within the utilities sector, CenterPoint Energy (CNP), Duke Energy (DUK), and Con Ed (ED) are turning in some of the worst performances.

Gold stocks have also moved sharply lower, dragging the NYSE Arca Gold Bugs Index down by 3.4 percent. The weakness in the sector comes as the price of gold for December delivery is tumbling $17.70 to $1,086.50 an ounce.

Commercial real estate, steel, tobacco, and energy stocks are also under pressure, with energy stocks moving lower along with the price of crude oil.

On the other hand, significant strength is visible among financial stocks. Reflecting the strength in the sector, the NYSE Arca Broker/Dealer Index and the Dow Jones Banks Index are up by 2.7 percent and 2.6 percent, respectively.

Semiconductor stocks have also moved notably higher, driving the Philadelphia Semiconductor Index up by 2.3 percent. Qorvo (QRVO) and Nvidia (NVDA) are posting standout gains after reporting better than expected quarterly earnings.

Currently, the major averages are turning in a mixed performance on the day. While the Nasdaq is up 7.23 points or 0.1 percent at 5,134.97, the Dow is down 25.99 points or 0.2 percent at 17,837.44 and the S&P 500 is down 8.11 points or 0.4 percent at 2,091.82.