Stocks Turning In Lackluster Performance Amid Slew Of Data - U.S. Commentary

(RTTNews) - With traders digesting a slew of U.S. economic data, stocks are turning in a lackluster performance in early trading on Wednesday. The major averages are once again showing only modest moves after ending the previous session nearly flat.

Currently, the major averages are turning in a mixed performance. While the Dow is down 13.90 points or 0.1 percent at 17,801.04, the Nasdaq is up 14.49 points or 0.3 percent at 4,772.74 and the S&P 500 is up 2.17 points or 0.1 percent at 2,069.20.

The choppy trading on Wall Street comes following the release of several key economic reports, including some data that was pushed forward by the Thanksgiving Day holiday on Thursday.

The Labor Department released a report before the start of trading showing an unexpected increase in initial jobless claims in the week ended November 22nd.

A series of reports from the Commerce Department showed modest increases in personal income and spending and new home sales as well as an unexpected rebound in durable goods orders.

Traders have also been presented with weaker than expected readings on consumer sentiment, pending home sales, and Chicago-area business activity.

While most of the major sectors are showing only modest moves, considerable strength has emerged among semiconductor stocks. The Philadelphia Semiconductor Index has risen by 1.3 percent, reaching its best intraday level in over thirteen years.

Analog Devices (ADI) has helped to lead the semiconductor sector higher after reporting better than expected fourth quarter results.

On the other hand, oil service stocks have come under pressure in pre-market trading, dragging the Philadelphia Oil Service Index down by 1.7 percent. Diamond Offshore Drilling (DO) is posting a notable loss on the day.

The weakness among oil service stocks comes amid a decrease by the price of crude oil, with crude for January delivery sliding $0.51 to $73.58 a barrel.

In overseas trading, most stock markets in the Asia-Pacific region moved higher on Wednesday. Hong Kong's Hang Seng Index and China's Shanghai Composite Index jumped 1.1 percent and 1.4 percent, respectively. However, Japan's Nikkei 225 Index bucked the uptrend and edged down by 0.1 percent.

Meanwhile, the major European markets are turning in a mixed performance on the day. While the German DAX Index has risen by 0.6 percent, the French CAC 40 Index is down by 0.1 percent and the U.K.'s FTSE 100 Index is just below the unchanged line.

In the bond market, treasuries have moved modestly higher, extending the strong upward move seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.4 basis points at 2.236 percent.