TradingMarkets Mid-Day Movers
The U.S. stock markets have
turned mixed in morning trading on Monday, as the Nasdaq has
pulled back into negative territory after seeing some early
strength while the Dow and the S&P 500 have managed to remain
above the unchanged line for much of the morning.
While utilities stocks have
benefited from news that TXU Corp.
(
TXU |
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Chart |
News |
PowerRating) has agreed to
be acquired by a group of private-equity firms for about $32
billion, a continued increase by the price of oil is contributing
to some weakness among oil-sensitive transportation stocks.
The downward move by the
tech-heavy Nasdaq reflects weakness that has emerged among
computer hardware, networking, and software stocks, with traders
doing some profit taking following recent strength.
Crude prices continue advancing
currently up 1.3% to $61.56 per barrel. Gold futures for
April delivery rose 0.3% to $688.60 an ounce in early trading.
The major Asian exchanges
closed Monday’s session mostly higher. The Nikkei index
continued its advance rising 0.15%. After returning from a
holiday the Taiwan and Shanghai exchanges moved strongly to the
upside each gaining over 1% in Monday’s session.
The
PowerRatings
Heat Maps*
from Friday’s close is showing action that has historically led to weakness with
the Energy and Metals and Mining sectors looking the most
vulnerable.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com