US Market Reports

Dow Jones NASDAQ NYSE AMEX

With traders reluctant to make any significant moves, stocks are turning in a lackluster performance in morning trading on Tuesday. Uncertainty about the near-term outlook for the markets may be contributing to the lack of direction. The major averages are currently turning in a mixed performance, lingering near the unchanged line. While the S&P 500 is down 0.29 points at 1,298.09, the Dow is up 7.22 points at 12,043.75 and theNasdaq is up 0.57 points at 2,692.66. The choppy trading comes amid a lack of major economic data, although the Federal Housing Finance Agency did release a report showing that U.S. house prices fell by 0.3 percent in January. Traders are likely keeping a close on eye on any additional developments regarding the situations in Japan and Libya. The operator of the Fukushima nuclear plant in Japan indicated that it has continued to make progress on efforts to contain the crisis, noting that all six reactors have been connected to power lines. However, Tokyo Electric Power Co. noted that additional repair work needs to be performed before power can be restored to all six reactors. In Libya, coalition forces launched another wave of air strikes against military targets, while forces loyal to Moammar Qadhafi are bombarding the rebel-held western city of Misrata. A U.S. Air Force F-15E crashed in Libya overnight, but both crewmembers are said to be back in American hands. A mechanical failure is believed to be the cause of the crash. In corporate news, Hot Topic (HOTT) is trading higher after it announced the resignation of its CEO Betsy McLaughlin, effective March 21st, 2011. The company also said it has appointed Lisa Harper, one of its board members, as its new CEO. Bristol-Myers (BMY) is also moving to the upside after it said a late stage study of ipilimumab, its investigational compound for metastatic melanoma, met its primary endpoint of improving overall survival in previously untreated patients. Meanwhile, Merck (MRK) and Sanofi-Aventis (SNY) are mixed after their announcement that they are mutually terminating their agreement to form a new animal health joint venture. Subsequent to the decision to part ways, each party will keep its current, separate animal health assets and businesses. Sector News While most of the major sectors are showing only modest moves, notable weakness has emerged among trucking stocks. The Dow Jones Trucking Index is currently down by 1.2 percent after ending the previous session at its best closing level in over a month. C.H. Robinson Worldwide (CHRW) is helping to lead the sector lower, falling by 2.2 percent, whileCon-Way (CNW) is also posting a notable loss. Networking stocks have also moved to the downside over the course of the morning. Steel, biotechnology, and housing are also seeing modest weakness on the day. On the other hand, health insurance stocks are seeing some strength in morning trading, withWellCare Health Plans (WCG) leading the way higher with a 4.1 percent gain. Tobacco stocks are also moving to the upside, extending a recent upward move.