Major Averages Lingering Near The Unchanged Line In Early Trading

(RTTNews) - Stocks are turning in a lackluster performance in early trading on Tuesday after failing to sustain an initial upward move. The major averages have turned mixed on the day, with the tech-heavy Nasdaq pulling back into negative territory.

The choppy trading on Wall Street comes as traders seem reluctant to make significant moves as the Federal Reserve's two-day monetary policy meeting gets underway.

The Fed is due to announce its latest monetary policy decision on Wednesday, with many analysts expecting the central bank to hint at a rate hike in September.

Most of the major sectors are showing only modest moves in early trading, although considerable strength has emerged among steel stocks. The NYSE Arca Steel Index is up by 1.9 percent, bouncing off a six-year closing low.

Transportation, tobacco, and energy stocks are also seeing some early strength, while software and electronic storage stocks have moved to the downside.

Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is down 8.72 points or 0.2 percent at 5,031.06, the Dow is up 38.95 points or 0.2 percent at 17,479.54 and the S&P 500 is up 4.44 points or 0.2 percent at 2,072.08.