(RTTNews) - After initially moving to the upside, stocks have come under pressure over the course of morning trading on Tuesday. The major averages have pulled back well off their early highs and into negative territory.
Currently, the major averages are off their lows of the session but stuck in the red. The Dow is down 92.97 points or 0.3 percent at 27,867.83, the Nasdaq is down 30.28 points or 0.3 percent at 9,191.00 and the S&P 500 is down 13.32 points or 0.4 percent at 3,212.57.
The initial strength on Wall Street was partly due to bargain hunting, with some traders picking up stocks at reduced levels on the heels of yesterday's steep drop.
The Dow suffered its biggest point and percentage drop in two years on Monday, as traders worried about the impact of the coronavirus outbreak that has spread far beyond China to Europe and the Middle East.
Buying interest waned shortly after the start of trading, however, as fears about the outbreak escalating into a pandemic continued to hang over the markets.
Adding to the worries, MasterCard (MA) and United Airlines (UAL) joined a growing list of companies that have warned about the potential financial impact of the outbreak.
Meanwhile, traders largely shrugged off a report from the Conference Board showing a slight improvement in U.S. consumer confidence in the month of February.
The Conference Board said its consumer confidence index inched up to 130.7 in February from a downwardly revised 130.4 in January. Economists had expected the index to tick up to 132.5 from the 131.6 originally reported for the previous month.
"Consumers' short-term expectations improved, and when coupled with solid employment growth, should be enough to continue to support spending and economic growth in the near term," said Lynn Franco, Director of Economic Indicators at the Conference Board.
Networking stocks have shown a significant move to the downside in morning trading, dragging the NYSE Arca Networking Index down by 1.8 percent to its lowest intraday level in a year.
Palo Alto Networks (PANW) is posting a steep loss after reporting weaker than expected fiscal second quarter revenues and providing disappointing guidance.
A continued decrease by the price of crude oil is also contributing to considerable weakness among energy stocks, which turned in some of the market's worst performances on Monday.
Transportation, financial, and chemical stocks have also come under pressure, extending the sharp drops seen in the previous session.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan's Nikkei 225 Index plunged by 3.3 percent as trading resumed following a holiday on Monday, while Hong Kong's Hang Seng Index rose by 0.3 percent.
Meanwhile, the major European markets have moved sharply lower over the course of the session. While the German DAX Index has tumbled by 1.6 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both down by 1.8 percent.
In the bond market, treasuries are extending the strong upward move seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.8 basis points at 1.339 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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February 25, 2020 at 10:50PM
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U.S. Stocks Come Under Pressure After Seeing Initial Strength - Nasdaq
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