12.04.2017 16:43:20
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Stocks Move Modestly Lower In Morning Trading - U.S. Commentary
(RTTNews) - Stocks are seeing modest weakness in morning trading on Wednesday, adding to the slim losses posted in the previous session. The major averages have moved to the downside, although selling pressure has remained somewhat subdued.
Currently, the major averages are lingering in negative territory. The Dow is down 38.22 points or 0.2 percent at 20,613.08, the Nasdaq is down 11.76 points or 0.2 percent at 5,855.01 and the S&P 500 is down 4.45 points or 0.2 percent at 2,349.33.
The modest weakness on Wall Street reflects lingering geopolitical concerns as Secretary of State Rex Tillerson meets with Russian Foreign Minister Sergey Lavrov.
Traders seem somewhat reluctant to make more significant moves, however, with the major averages holding in a recent trading range.
On the U.S. economic front, the Labor Department released a report showing an unexpected decline in import prices in the month of March.
The Labor Department said import prices dipped by 0.2 percent in March after climbing by a revised 0.4 percent in February.
The decrease came as a surprise to economists, who had expected import prices to inch up by 0.1 percent compared to the 0.2 percent increase originally reported for the previous month.
Meanwhile, the report said export prices rose by 0.2 percent in March following a 0.3 percent increase in February. Export prices had been expected to tick up by 0.1 percent.
The economic calendar picks up in the coming days, including with the release of some key data while the markets are closed on Friday.
Reports on retail sales, producer and consumer prices, and import and export prices may attract attention later this week.
On the earnings front, financial giants Citigroup (C), JPMorgan Chase (JPM), and Wells Fargo (WFC) are due to report their quarterly results on Thursday.
Steel stocks have shown a substantial move to the downside on the day, dragging the NYSE Arca Steel Index down by 3 percent. The index is on pace to end the session at its lowest closing level in over three months.
Telecom, brokerage, and railroad stocks are also seeing weakness in morning trading, while strength is visible among biotechnology stocks.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday. Japan's Nikkei 225 Index slumped by 1 percent, while Hong Kong's Hang Seng Index advanced by 0.9 percent.
The major European markets have also turned mixed on the day. While the U.K.'s FTSE 100 Index has edged down by 0.2 percent, the German DAX Index and the French CAC 40 Index are both just above the unchanged line.
In the bond market, treasuries are seeing further upside following the rally seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by nearly a basis point at 2.289 percent.

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