Stocks Turn Mixed After Seeing Initial Weakness - U.S. Commentary

(RTTNews) - After moving to the downside at the open, stocks have regained some ground over the course of early trading on Tuesday. The major averages have climbed well off their lows for the young session, with the Nasdaq peeking into positive territory.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 7.32 points or 0.2 percent at 4,816.20, the Dow is down 26.13 points or 0.2 percent at 17,597.74 and the S&P 500 is down 0.70 points or less than a tenth of a percent at 2,050.90.

The initial weakness on Wall Street came on the heels of news that at least 31 people have been killed and more than 100 people have been wounded in an apparent terrorist attack in Brussels, Belgium.

Two explosions occurred at the Zaventem airport just outside the city and were followed by an explosion at a downtown subway station near the European quarter.

The news led to an increase in geopolitical concerns, although selling pressure waned not long after the start of trading.

The subsequent rebound by the tech-heavy Nasdaq is partly due to strength that has emerged among biotechnology stocks, which are adding to recent gains.

The NYSE Arca Biotechnology Index has advanced by 1.7 percent, climbing further off the one-month closing low set last Thursday.

BioMarin (BMRN), Agios Pharmaceuticals (AGIO), and Neurocrine Biosciences (NBIX) are turning in some of the biotech sector's best performances.

Significant strength has also emerged among gold stocks, which are moving higher along with the price of the precious metal. Gold for April delivery is climbing $10.10 to $1,254.30 an ounce.

Meanwhile, railroad and airline stocks continue to see notable weakness, as the attacks in Brussels weigh on the broader transportation sector.

Among individual stocks, shares of G-III Apparel (GIII) have fallen sharply after the clothing and accessories maker reported weaker than expected fourth quarter results and provided disappointing guidance.

Mattress retailer Mattress Firm (MFRM) has also come under pressure after reporting fourth quarter results that missed estimates and forecasting first quarter earnings below expectations.

On the other hand, shares of Akorn (AKRX) have shown a strong upward move after the generic pharmaceutical company provided preliminary full year 2015 financial results.

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Tuesday. Japan's Nikkei 225 Index surged up by 1.9 percent, while China's Shanghai Composite Index fell by 0.6 percent.

Meanwhile, the major European markets have all moved to the downside on the day. While the French CAC 40 Index has fallen by 0.6 percent, the German DAX Index is down by 0.3 percent and the U.K.'s FTSE 100 Index is just below the unchanged line.

In the bond market, treasuries have rebounded after moving notably lower over the course of the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.4 basis points at 1.889 percent.