U.S. Stocks Give Back Ground After Early Move To The Upside

Add as your preferred news source on Google Add Now After moving mostly higher early in the session, stocks have given back ground over the course of the trading day on Friday. The major averages have pulled back well off their highs of the session, with the Nasdaq and the S&P 500 sliding into negative territory.Currently, the major averages are turning in a mixed performance. While the Dow is up 38.67 points or 0.1 percent at 48,101.96, the S&P 500 is down 8.25 points or 0.1 percent at 6,837.25 and the Nasdaq is down 62.10 points or 0.3 percent at 23,179.89.The early strength on Wall Street may have reflected bargain hunting following a recent pullback, which saw the major averages close lower for four straight sessions.Technology stocks helped lead the early advance, with shares of Micron Technology (MU) surging by 7.4 percent after skyrocketing last year.Buying interest has waned over the course of the session, however, as some traders remain away from their desks following the New Year's Day holiday on Thursday.A lack of major U.S. economic data may also be keeping some traders on the sidelines ahead of the release of several key reports next week, including the closely watched monthly jobs report.Software stocks have moved sharply lower over the course of the session, dragging the Dow Jones U.S. Software Index down by 2.5 percent.Notable weakness has also emerged among retail stocks, as reflected by the 1.2 percent loss being posted by the Dow Jones U.S. Retail Index.On the other hand, semiconductor stocks continue to see substantial strength, with the Philadelphia Semiconductor Index surging by 2.1 percent.Computer hardware, oil service and steel stocks also continue to turn in strong performances on the day. In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Friday, with several major markets closed for holidays. Hong Kong's Hang Seng Index surged by 2.8 percent, while South Korea's Kospi jumped by 2.3 percent.The major European markets have also moved to the upside on the day. While the German DAX Index is up 0.2 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 0.4 percent.In the bond market, treasuries are extending the downward move seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up 1.4 basis points at 4.177 percent. For comments and feedback contact: editorial@rttnews.comBusiness News