Major Averages Turning In Mixed Performance In Early Trading

(RTTNews) - After turning lower over the course of the previous session, stocks are showing a lack of direction in early trading on Friday. While the Dow has shown a notable upward move, the broader Nasdaq and S&P 500 are lingering near the unchanged line.

The choppy trading on Wall Street comes as traders continue to focus on the situation in Greece, as the debt-laden country and its creditors continue to struggle to reach an agreement.

The latest reports suggest Greece plans to reject a 15.5 billion euro bailout extension due to concerns about the tough conditions demanded in return.

European finance ministers are scheduled to meet again on Saturday to continue the negotiations, with German Chancellor Angela Merkel saying the weekend's talks will be "decisive."

Most of the major sectors are showing only modest moves, although notable weakness has emerged among semiconductor stocks. Reflecting the weakness in the sector, the Philadelphia Semiconductor Index is down by 1.3 percent.

Chip maker Micron Technology (MU) is leading the sector lower after reporting weaker than expected third quarter results and providing disappointing guidance.

Networking and airline stocks are also seeing some early weakness, while strength is visible among railroad and housing stocks.

Meanwhile, the strong gain being posted by the Dow largely reflects a sharp jump by shares of Nike (NKE), which are up by 4.1 percent after the athletic shoe and apparel maker reported better than expected fourth quarter results.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 11.87 points or 0.2 percent at 5,100.32, the Dow is up 102.20 points or 0.6 percent at 17,992.56 and the S&P 500 is up 3.72 points or 0.2 percent at 2,106.03.