Stocks have turned mixed over the course of morning trading on Tuesday following the sharp pullback seen late in the previous session. The Dow has moved to the upside, while the tech-heavy Nasdaq is extending the sell-off seen on Monday.
Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is down 28.14 points or 0.3 percent at 10,362.70, the Dow is up 210.19 points or 0.8 percent at 26,295.99 and the S&P 500 is up 6.72 points or 0.2 percent at 3,161.94.
The Dow is benefiting from strong gains by energy giants Chevron (CVX) and Exxon Mobil (XOM), which are moving higher as the price of crude oil has climbed back near the unchanged line after seeing early weakness.
Boeing (BA) is also posting a notable gain after the U.S. Air Force awarded the aerospace giant a nearly $1.2 billion contract to build the first lot of eight F-15EX advanced fighter jets.
The Air Force also announced an overall Indefinite Delivery Indefinite Quantity contract with a ceiling value of nearly $23 billion for F-15EX.
Shares of JPMorgan Chase (JPM) have also moved to the upside after the financial giant reported second quarter results that exceeded analyst estimates on both the top and bottom lines, benefiting from a spike in trading revenue.
On the other hand, weakness among tech stocks is weighing on the Nasdaq, with streaming giant Netflix (NFLX) tumbling by 3.6 percent.
The steep drop by Netflix comes after UBS downgraded its rating on the company’s stock to Neutral from Buy amid concerns about valuation.
Amazon (AMZN) and Facebook (FB) are also posting notable losses, pulling back further off the record intraday highs set before the afternoon pullback on Monday.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan’s Nikkei 225 Index slid by 0.9 percent, while China’s Shanghai Composite Index fell by 0.8 percent.
The major European markets have also moved to the downside on the day. While the U.K.’s FTSE 100 Index has edged down by 0.2 percent, the German DAX Index is down by 1.2 percent and the French CAC 40 Index is down by 1.3 percent.
In the bond, treasuries have moved higher after ending the previous session little changed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.6 basis points at 0.614 percent.
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