Stock Market Today 2/8/10
US Market
Stocks Turning In A Lackluster Performance In Morning Trading
Stocks are showing a lack of direction in morning trading on Monday, with the major averages having difficulty sustaining any significant moves. The choppy trading comes as traders express some uncertainty about the outlook for the markets following recent weakness.
A lack of significant economic news is also contributing to the lackluster performance by the broader markets, as many traders are staying on the sidelines ahead of the release of key January retail sales data Thursday morning.
The major averages are currently turning in a mixed performance, with the tech-heavy Nasdaq currently posting a modest gain. While the Nasdaq is up 1.62 at 2,142.74, the Dow is down 23.05 at 9,989.18 and the S&P 500 is down 0.26 at 1,065.93.
Sector News
Gold stocks are turning in some of the market’s worst performances in mid-morning trading, with the NYSE Arca Gold Bugs Index currently down by 1.6 percent. The index is moving back to the downside after surging up by more than 5 percent last Friday.
The pullback by gold stocks comes in spite of a notable increase by the price of the precious metal, which is regaining some ground after falling sharply last week. Gold for April delivery is currently up $12.30 at $1,065.10 an ounce.
Notable weakness is also visible among software stocks, as reflected by the 1 percent loss currently being shown by the NYSE Arca Software Index. The loss extends a recent downward move by the index, which has trended lower for much of the past month.
On the other hand, notable strength has emerged in the housing sector, as reflected by the 1 percent gain currently being shown by the Philadelphia Housing Sector Index. Despite the gain, the index currently remains stuck in a range.
Most of the other major sectors are showing only modest moves, reflecting the lack of direction being shown by the broader markets.
(Source: iHub World Daily Briefing)
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