After an initial move to the upside, stocks have fluctuated over the course of the trading session on Tuesday. The volatility on the day comes on the heels of the rebound seen in the previous session.<\/p>\n
Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 52.18 points or 0.4 percent at 13,549.77, the S&P 500 is down 0.46 points or less than a tenth of a percent at 4,399.31 and the Dow is down 114.02 points or 0.3 percent at 34,349.67.<\/p>\n
The choppy trading on Wall Street may partly reflect volatility in the bond markets<\/span>, with the yield on the benchmark ten-year note showing wild swings back and forth across the unchanged line.<\/p>\n Concerns about the outlook for interest rates have contributed to a recent surge in bond yields, driving the ten-year yield to its highest levels in over fifteen years.<\/p>\n Traders may also be reluctant to make significant moves ahead of the economic symposium in Jackson Hole, Wyoming, later this week.<\/p>\n The symposium will feature meetings by global central bank leaders as well as a speech by Federal Reserve Chair Jerome Powell that could impact the outlook for interest rates.<\/p>\n On the U.S. economic front, the National Association of Realtors released a report showing existing home sales in the U.S. slumped by much more than expected in the month of July.<\/p>\n NAR said existing home sales tumbled by 2.2 percent to an annual rate of 4.07 million in July after plunging by 3.3 percent to an annual rate of 4.16 million in June. Economists had expected existing home sales to edge down to an annual rate of 4.15 million.<\/p>\n Existing home sales decreased for the fourth time in the past five months, falling to their lowest annual rate since hitting 4.00 million in January.<\/p>\n Sector News<\/p>\n Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.<\/p>\n Banking stocks have shown a significant move to the downside, however, with the KBW Bank Index slumping by 1.9 percent to its lowest intraday level in well over a month.<\/p>\n Airline and brokerage stocks are also seeing notable weakness on the day, while some strength is visible among steel and housing stocks.<\/p>\n Other Markets<\/p>\n In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index and China’s Shanghai Composite Index both advanced by 0.9 percent, while Hong Kong’s Hang Seng Index jumped by 1.0 percent.<\/p>\n The major European markets have also moved to the upside on the day. While the U.K.’s FTSE 100 Index is up by 0.2 percent, the German DAX Index and the French CAC 40 Index are both up by 0.7 percent.<\/p>\n In the bond market, treasuries have seen considerable volatility over the course of the session. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.6 basis points at 4.326 percent. <\/p>\n