Following the sell-off seen in the previous session, stocks have shown a lack of direction over the course of the trading day on Friday. The major averages have had difficulty sustaining any significant moves on the day.
Currently, the major averages are turning in a mixed performance. While the Dow is down 5.61 points or less than a tenth of a percent at 21,745.12, the Nasdaq is up 25.12 points or 0.4 percent at 6,247.03 and the S&P 500 is up 4.69 points or 0.2 percent at 2,434.70.
The choppy trading on Wall Street comes as traders express some uncertainty about the near-term outlook for the markets on the heels of recent volatility.
Ongoing concerns about President Donald Trump's ability to implement his agenda continue to weigh on the markets along with yesterday's terrorist attack in Barcelona.
Traders have largely shrugged off a report from the University of Michigan showing a much bigger than expected improvement in consumer sentiment in the month of August.
The report said the preliminary reading on the consumer sentiment index for August jumped to 97.6 from the final July reading of 93.4. Economists had expected the index to inch up to 94.0.
"Consumer confidence rose in the first half of August to its highest level since January due to a more positive outlook for the overall economy as well as more favorable personal financial prospects," said Richard Curtin, the survey's chief economist.
However, Curtin said the fallout from last weekend's violent events in Charlottesville, Virginia, is likely to reverse the improvement in economic expectations recorded across all political affiliations.
Among individual stocks, shares of Ross Stores (ROST) have moved sharply higher after the discounter retailer reported second quarter results that exceeded analyst estimates on both the top and bottom lines.
Power generator Calpine (CPN) is also posting a standout gain after agreeing to be acquired by private-equity firm Energy Capital Partners for about $5.6 billion.
On the other hand, shares of Foot Locker (FL) are seeing substantial weakness after the athletic footwear and apparel retailer reported weaker than expected second quarter results.
Hibbett Sports (HIBB) has also moved to the downside after reporting a narrower than expected second quarter loss but lowering its full-year guidance.
Sector News
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.
Steel stocks are seeing considerable strength, however, with the NYSE Arca Steel Index climbing by 1.5 percent. The index is bouncing off its lowest closing level in over a month.
Oil service, railroad, and semiconductor stocks are also seeing some strength in mid-day trading, although buying interest is relatively subdued.
On the other hand, commercial real estate stocks have come under pressure, dragging the Morgan Stanley REIT Index down by 1.1 percent. The index is on pace to end the session at a one-month closing low.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index plunged by 1.2 percent, while Hong Kong's Hang Seng Index dove by 1.1 percent.
The major European markets also moved to the downside on the day. While the German DAX Index fell by 0.3 percent, the French CAC 40 Index slid by 0.6 percent and the U.K.'s FTSE 100 Index dropped by 0.9 percent.
In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 2.194 percent.
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