Major Averages Showing Modest Moves In Early Trading

(RTTNews) - With traders digesting another mixed batch of U.S. economic data, stocks are turning in a relatively lackluster performance in early trading on Friday. The major averages are showing only modest moves after ending the previous session firmly in positive territory.

Early selling pressure was seen following the release of a report showing an unexpected drop in personal spending in April, but the negative sentiment was offset by a separate report showing an acceleration in Chicago-area business activity in May.

The data has generated some uncertainty about the near-term outlook for the markets after recent gains lifted the S&P 500 to new record highs.

Most of the major sectors are showing only modest moves, although steel stocks have come under pressure amid concerns about global demand. Reflecting the weakness in the steel sector, the NYSE Arca Steel Index has tumbled by 1.8 percent.

Biotechnology and networking stocks are also seeing some early weakness, while modest strength has emerged among banking stocks.

Currently, the major averages are turning in a mixed performance. While the S&P 500 is up 0.47 points or less than a tenth of a percent at 1,920.50, the Dow is down 18.17 points or 0.1 percent at 16,680.57 and the S&P 500 is down 3.88 points or 0.1 percent at 4,244.07.