U.S. Stocks Turning In Lackluster Performance In Cautious Trade
U.S. stocks are turning in a lackluster performance in Tuesday late morning trades as investors largely refrain from making significant moves.
Data released by the Commerce Department Tuesday morning showed U.S. trade deficit narrowed in the month of April, falling to $68.9 billion from a revised $75 billion in the previous month. Economists had expected the deficit to narrow to $69.0 billion from the $74.4 billion originally reported for the previous month.
Exports were up 1% at $205.0 billion, while the value of imports slumped by 1.4% to $273.9 billion in April.
A report from the National Federation of Independent Business said the NFIB Small Business Optimism Index in the United States stood at 99.6 in May 2021, slightly down from the previous month’s five-month high and well below pre-pandemic levels. It was the first decline in morale this year.
Data on U.S. consumer price inflation for the month of May is due out on Thursday. The data is likely to provide some cues on policy tapering from the Federal Reserve.
The major averages are exhibiting a mixed trend. The Dow, which dropped to a low of 34,535.28, is down 32.98 points or 0.1 percent at 34,597.26. The Nasdaq is gaining 19.02 or 0.14 percent at 13,900.74, after having advanced to 13,981.72 in early trades. The S&P 500, which hit a four-month high at 4,236.74 in opening trades, is down marginally at 4,225.40.
Shares of Tesla Inc rose more than 2 percent early on in the session, but pared most of their gains subsequently. The carmaker said it sold over 33,400 China-made electric cars in May, up 29 percent over the previous month.
Shares of Boeing Inc. moved higher, lifted by an announcement that the company has received an order for 34 additional 737 Max jets from Southwest Airlines.
IBM, Apple and Cisco Systems are among the other notable gainers, while Johnson & Johnson, DuPont, Goldman Sachs, Merck, Procter & Gamble, Coca-Cola, Intel and JP Morgan Chase are down in negative territory.
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