Major Averages Turning In Mixed Performance In Early Trading - U.S. Commentary

(RTTNews) - Following the strong upward move seen in the previous week, stocks are turning in a relatively lackluster performance during trading on Monday. Despite the choppy trading, the Dow managed to reach a new record intraday high.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 6.45 points or 0.1 percent at 5,230.66, the Dow is up 41.95 points or 0.2 percent at 18,889.61 and the S&P 500 is up 2.30 points or 0.1 percent at 2,166.75.

The choppy trading on Wall Street comes as traders seem reluctant to make more significant moves after the strong gains seen in reaction to President-elect Donald Trump's surprise victory.

A lack of major U.S. economic data may also be keeping some traders on the sidelines ahead of the release of several key reports in the coming days.

Reports on retail sales, producer and consumer prices, industrial production and housing starts are all due to be released later this week.

On the earnings front, retail giants Wal-Mart (WMT), Home Depot (HD), Target (TGT), and Best Buy (BBY) are among the companies due to report their quarterly results this week.

Despite the lack of direction being shown by the broader markets, financial stocks are adding to recent gains amid optimism about reduced regulation under Trump.

Reflecting the strength in the financial sector, the Dow Jones Banks Index is up by 3.3 percent and the NYSE Arca Broker/Dealer Index is up by 2.7 percent.

Transportation, steel, and electronic storage stocks are also seeing significant strength, while gold and utilities stocks have moved notably lower.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday. Japan's Nikkei 225 Index surged up by 1.7 percent, while Hong Kong's Hang Seng Index slumped by 1.4 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index has advanced by 0.7 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.6 percent.

In the bond market, treasuries are extending the sell-off seen over the past few sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 12.5 basis points at 2.242 percent.