After ending the previous session mostly higher, stocks are turning in a lackluster performance during trading on Tuesday. Despite the choppy trading, the tech-heavy Nasdaq reached a new record intraday high.
Currently, the major averages are on opposite sides of the unchanged line. While the Nasdaq is up 6.16 points or 0.1 percent at 7,612.62, the Dow is down 78.94 points or 0.3 percent at 24,734.75 and the S&P 500 is down 5.29 points or 0.2 percent at 2,741.58.
The lack of direction being shown by stocks comes as traders seem to be expressing some uncertainty about the near-term outlook for the markets.
An upcoming G-7 summit in Canada as well as the planned meeting between President Donald Trump and North Korean leader Kim Jong Un next week is also keeping some traders on the sidelines.
Traders have largely shrugged off a report from the Institute for Supply Management showing activity in the U.S. service sector grew at a faster than expected rate in the month of May.
The ISM said its non-manufacturing index climbed to 58.6 in May from 56.8 in April, with a reading above 50 indicating growth in the service sector. Economists had expected the index to rise to 57.5.
"The majority of respondents are optimistic about business conditions and the overall economy," said Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee.
He added, "There continue to be concerns about the uncertainty surrounding tariffs, trade agreements and the impact on cost of goods sold."
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.
Transportation stocks have shown a notable move to the downside, however, with the Dow Jones Transportation Average falling by 1.1 percent.
J.B. Hunt Transport Services (JBHT), Kansas City Southern (KSU), and Southwest Airlines (LUV) are turning in some of the transportation sector's worst performances.
Financial stocks are also seeing notable weakness in mid-day trading, while gold stocks are moving higher along with the price of the precious metal.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index and Hong Kong's Hang Seng Index both rose by 0.3 percent, while China's Shanghai Composite Index advanced by 0.8 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index inched up by 0.1 percent, the French CAC 40 Index edged down by 0.2 percent and the U.K.'s FTSE 100 Index fell by 0.7 percent.
In the bond market, treasuries are regaining some ground following the pullback seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.9 basis points at 2.908 percent.
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