Major Averages Lingering Near Unchanged Line In Early Trading

(RTTNews) - Stocks are turning in a lackluster performance in early trading on Friday as traders take a break following the recent upward trend. The major averages are lingering near the unchanged line after ending the previous session sharply higher.

The choppy trading comes as traders seem somewhat reluctant to continue buying stocks after recent strength lifted the Dow and the S&P 500 to new record closing highs on Thursday.

Traders are also digesting the release of a report from the Labor Department showing a bigger than expected increase in producer prices in the month of June.

The mild inflation concerns offset earlier positive sentiment that was generated by better than expected earnings news from financial giants JP Morgan (JPM) and Wells Fargo (WFC).

Most of the major sectors are showing only modest moves in early trading, although gold stocks are seeing considerable weakness amid a decrease by the price of the precious metal.

Steel and trucking stocks have also moved to the downside, while some early strength is visible in the internet sector.

The major averages are currently turning in a mixed performance, although they are all nearly flat. While the S&P 500 is down 0.95 points or 0.1 percent at 1,674.07, the Dow is up 4.95 points or less than a tenth of a percent at 15,465.87 and the Nasdaq is up 3.29 points or 0.1 percent at 3,581.59.