Stocks Turn Mixed After Seeing Initial Weakness - U.S. Commentary

(RTTNews) - After coming under pressure at the open, stocks have regained some ground over the course of early trading on Friday. The major averages have bounced well off their lows for the young session, with the tech-heavy Nasdaq climbing into positive territory.

Currently, the major averages are turning in a mixed performance on the day. While the Nasdaq is up 8.76 points or 0.2 percent at 4,496.30, the Dow is down 55.99 points or 0.3 percent at 16,357.44 and the S&P 500 is down 4.23 points or 0.2 percent at 1,913.60.

The initial weakness on Wall Street was partly due to a steep drop by the price of crude oil, which is pulling back further off yesterday's intraday highs.

Crude for March delivery is currently tumbling $1.34 to $29.42 a barrel amid lingering concerns about a global supply glut.

Selling pressure waned not long after the open, however, with traders expressing some uncertainty about the outlook for the markets following recent volatility.

Nonetheless, energy stocks continue to see considerable weakness, adding to the losses posted in the previous session.

The NYSE Arca Natural Gas Index has plummeted by 5 percent, and the Philadelphia Oil Service Index has slumped by 2.1 percent.

Telecom, gold, and trucking stocks are also seeing notable weakness, while some strength is visible among internet and semiconductor stocks.

Among individual stocks, shares of TrueCar (TRUE) are moving sharply lower in early trading after the car-shopping website operator reported weaker than expected fourth quarter results and provided disappointing guidance.

Retailer Nordstrom (JWN) is also posting a steep loss after reporting fourth quarter results that came in below analyst estimates. The company also forecast weaker than expected full-year results.

On the other hand, shares of Applied Materials (AMAT) have shown a strong move to the upside after the semiconductor equipment maker reported first quarter results that beat estimates and provided upbeat guidance.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index tumbled by 1.4 percent, while Hong Kong's Hang Seng Index dropped by 0.4 percent.

The major European markets have also moved to the downside on the day. While the German DAX Index has fallen by 1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are down by 0.8 percent and 0.6 percent, respectively.

In the bond market, treasuries have moved modestly higher, further offsetting the recent pullback. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.9 basis points at 1.74 percent.