Stocks Turning In Another Lackluster Performance - U.S. Commentary

(RTTNews) - After showing a lack of direction throughout much of the previous session, stocks are once again turning in a lackluster performance during trading on Tuesday. The major averages have recovered from an initial drop but are now lingering near the unchanged line.

Currently, the major averages continue to turn in a mixed performance. While the Nasdaq is up 1.93 points or less than a tenth of a percent at 4,810.80, the Dow is down 41.67 points or 0.2 percent at 17,582.20 and the S&P 500 is down 3.87 points or 0.2 percent at 2,047.73.

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 the Belgian capital of Brussels.

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 choppy trading seen throughout the session since then comes as some traders are already away from their desks ahead of the Easter holiday.

A lack of major U.S. economic data may also be keeping some traders on the sidelines ahead of reports on new home sales and durable goods orders in the coming days.

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.

Sector News

Mirroring the performance seen in the previous session, most of the major sectors are showing only modest moves on the day.

However, biotechnology stocks have once again shown a strong move to the upside. The NYSE Arca Biotechnology Index has surged up by 1.9 percent, climbing further off last Thursday's one-month closing low.

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

Electronic storage stocks are also seeing significant strength in mid-day trading, while notable weakness is visible among railroad and oil service stocks.

Other Markets

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 0.5 percent, the German DAX Index and the U.K.'s FTSE 100 Index are down by 0.2 percent and 0.1 percent, respectively.

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 basis points at 1.893 percent.