Major Averages Lingering Near The Unchanged Line In Early Trading

(RTTNews) - Stocks are turning in a lackluster performance in early trading on Friday, extending the choppy trading seen in the previous session. The major averages have been bouncing back and forth across the unchanged line, unable to sustain any significant moves.

The lack of direction on Wall Street comes as traders are expressing some uncertainty about the near-term outlook for the markets following the strong upward move seen over the past month.

The major averages are posting substantial gains for the month of October and reached their best levels in over two months earlier this week.

Traders are also digesting a mixed batch of economic data, which has raised questions about the outlook for interest rates.

Nonetheless, oil service stocks are seeing significant weakness on the day, dragging the Philadelphia Oil Service Index down by 1 percent. Tidewater (TDW) is leading the sector lower, tumbling by 7.2 percent.

Banking and commercial real estate stocks are also seeing some early weakness, while strength is visible among computer hardware, housing, and semiconductor stocks.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 4.03 points or 0.1 percent at 5,078.30, the Dow is down 10.25 points or 0.1 percent at 17,745.55 and the S&P 500 is down 1.82 points or 0.1 percent at 2,087.59.