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Nasdaq And S&P 500 Moving Higher But Dow Posting Modest Loss

(RTTNews) – After showing a strong upward move over the course of the previous session, the major U.S. stock averages are turning in a mixed performance in morning trading on Tuesday. The Dow is posting a modest loss, while the broader Nasdaq and S&P 500 have moved to the upside.

Currently, the Dow is down 19.14 points or 0.1 percent at 25,576.66, while the Nasdaq is up 68.45 points or 0.7 percent at 9,942.60 and the S&P 500 is up 12.37 points or 0.4 percent at 3,065.61.

A notable pullback by shares of Boeing (BA) is weighing on the Dow, with the aerospace giant slumping by 6.4 percent after spiking by 14.4 percent on Monday.

The drop by Boeing comes after Norwegian Air said it cancelled orders for 97 aircraft made by the aerospace giant.

Meanwhile, the tech-heavy Nasdaq is benefiting from considerable strength among semiconductor stocks. Reflecting the strength in the sector, the Philadelphia Semiconductor Index has surged up by 2.4 percent.

Micron Technology (MU) has helped to lead the sector higher after the chip maker reported fiscal third quarter results that exceeded estimates and provided upbeat revenue guidance.

Gold stocks have also shown a significant move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 1.4 percent.

The strength among gold stocks comes amid an increase by the price of the precious metal, with gold for August delivery climbing $6.40 to $1,787.60 an ounce.

On the other hand, airline stocks have moved sharply lower over the course of the morning, dragging the NYSE Arca Airline Index down by 2.8 percent.

Energy stocks are also seeing some weakness on the day, as the price of crude oil for August delivery is falling $0.57 to $39.13 a barrel.

In U.S. economic news, the Conference Board released a report showing a bigger than expected improvement in consumer confidence in the month of June.

The Conference Board said its consumer confidence index jumped to 98.1 in June from a downwardly revised 85.9 in May.

Economists had expected the consumer confidence index to climb to 90.0 from the 86.6 originally reported for the previous month.

A separate report released by MNI Indicators showed a continued contraction in Chicago-area business activity in the month of June.

MNI Indicators said its Chicago business barometer rose to 36.6 in June from 32.3 in May, but a reading below 50 still indicates a contraction in regional business activity. Economists had expected the index to jump to 45.0.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index jumped by 1.3 percent, while China’s Shanghai Composite Index advanced by 0.8 percent.

Meanwhile, the major European markets are turning in a mixed performance on the day. While the German DAX Index has risen by 0.4 percent, the French CAC 40 Index is down by 0.5 percent and the U.K.’s FTSE 100 Index is down by 1 percent.

In the bond market, treasuries have moved modestly higher after ending the previous session little changed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.3 basis points at 0.623 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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