Notable Decline By Apple Weighing On Nasdaq - U.S. Commentary

(RTTNews) - Stocks are turning in another lackluster performance in morning trading on Tuesday following the long, holiday weekend. The Dow and the S&P 500 are lingering near the unchanged line, although the Nasdaq has dipped more firmly into negative territory.

Currently, the major averages are turning in a mixed performance. While the Dow is up 16.88 points or 0.1 percent at 24,770.94, the Nasdaq is down 24.85 points or 0.4 percent at 6,935.12 and the S&P 500 is down 1.05 points or less than a tenth of a percent at 2,682.29.

A notable decline by shares of Apple (AAPL) is weighing in the tech-heavy Nasdaq, with the iPod and iPad maker slumping by 2.1 percent.

The drop by Apple comes after a report from Taiwan's Economic Daily predicted the company would lower its forecast for first quarter iPhone X sales to 30 million.

Nonetheless, overall trading activity remains relatively subdued, as many traders remain away from their desks following Christmas.

The economic calendar for the week also starts off relatively quiet, although reports on consumer confidence, pending home sales and Chicago business activity are due to be released in the coming days.

Volume may remain light throughout the week, although some traders may look to do some window dressing going into the end of the year.

Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.

Semiconductor stocks have shown a significant move to the downside, however, with the Philadelphia Semiconductor Index sliding by 1.1 percent. Micron Technology (MU) and Qorvo (QRVO) are posting notable losses.

Electronic storage stocks are also see notable weakness, while considerable strength is visible among energy and gold stocks.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday, with many markets in the region still closed. Japan's Nikkei 225 Index edged down by 0.2 percent, while China's Shanghai Composite Index advanced by 0.8 percent.

Meanwhile, the major European markets remain closed on the day in celebration of Boxing Day.

In the bond market, treasuries have moved slightly higher after ending last Friday's trading roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.1 basis points at 2.474 percent.