Major Averages Turning In Mixed Performance In Early Trading

(RTTNews) - Stocks have fluctuated over the course of early trading on Monday after showing a substantial move to the upside last week. The major averages have had difficulty sustaining any significant moves as traders seem to be taking a breather.

The choppy trading on Wall Street comes as some traders are staying on the sidelines ahead of tomorrow's midterm elections. Republicans are expected to increase their majority in the House and potentially retake control of the Senate.

Traders may also be looking ahead to the release of some key economic data later in the week, including the closely watched monthly jobs report.

Meanwhile, the Institute for Supply Management recently released a report showing the U.S. manufacturing growth unexpectedly grew at a faster pace in the month of October.

The U.S. data is at odds with disappointing readings on manufacturing activity in China and Europe, leading to uncertainty about the outlook for the global economy.

Most of the major sectors are showing only modest moves in early trading, although considerable weakness is visible among steel stocks. The NYSE Arca Steel Index is down by 1.5 percent amid concerns about Chinese demand.

Railroad and oil service stocks are also seeing early weakness, while strength is visible among networking, internet, and airline stocks.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 13.54 points or 0.3 percent at 4,644.28, the Dow is down 32.69 points or 0.2 percent at 17,357.83 and the S&P 500 is down 1.15 points or 0.1 percent at 2,016.90.