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

After an early surge, stocks succumbed to a pullback during Wednesday's trading session. Market giants didn't manage to sustain their momentum, with the tech-dominated Nasdaq slipping into the red.

Currently, the market indexes are in a mixed state. The Nasdaq is trailing by 6.75 points, recording a marginal drop at 16,308.95. In contrast, the S&P 500 is ahead by 14.60 points or 0.3 percent at 5,218.18 and the Dow Jones has risen by 237.09 points or 0.6 percent, standing strong at 39,519.42.

The stock market's early vigor came from traders' strategy to acquire shares at comparatively lower prices after early trading excitement tailed off during Tuesday's session. Major market indexes enjoyed a largely positive spell in yesterday's session before succumbing to a downturn in the final trading hour, leading Dow and S&P 500 to their third successive day in the red.

Investor interest has once again waned as the day rolled on, without significant U.S. economic data to provoke decisive trading moves. Investors are also likely holding off for upcoming reports on weekly unemployment claims, Chicago's business activities, and pending home sales due this Thursday. An additional report on personal income and spending will be released on Good Friday - a day when the markets are closed and when Fed Chair Jerome Powell is due to engage in a moderated discussion at the Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference.

Gold stocks are enjoying a significant boost, leading to a 2.5 percent surge in the NYSE Arca Gold Bugs Index – potentially the best closing performance in the last three months. Bolstered by a price rise in gold trading, with gold for June delivery climbing $15.40 to stand at $2,214.60 per ounce.

Sectors traditionally sensitive to interest rates, utilities, and commercial real estate are also enjoying a day of strong performance, propelling both the Dow Jones Utility Average and the Dow Jones U.S. Real Estate Index up by 1.7 percent and 1.6 percent, respectively. Meanwhile, tobacco, steel, and airline stocks are enjoying an upward swing, while computer hardware stocks face downward pressure.

In the global scene, the Asia-Pacific region's stock markets exhibited a mixed performance on Wednesday. Japan's Nikkei 225 Index enjoyed a 0.9 percent climb, in stark contrast to China's Shanghai Composite Index and Hong Kong's Hang Seng Index, both taking a dive with a drop of 1.3 percent and 1.4 percent respectively.

Europe's major markets also had a varied day. While the U.K.'s FTSE 100 Index dropped by 0.1 percent, the French CAC 40 Index enjoyed a 0.4 percent climb, and the German DAX Index recorded a 0.6 percent growth.

In the bond market, treasury notes built upon their modest growth from the previous session. This led the benchmark ten-year note's yield, which inversely tracks its price, to fall by 2.8 basis points to 4.206 percent.