U.S. Stocks Showing Modest Move Back To The Downside

Stocks are seeing modest weakness during trading on Tuesday, giving back ground following the strong upward move seen over the course of the previous session. The major averages have all moved to the downside, although selling pressure has remained relatively subdued.

Currently, the major averages are just off their lows of the session. The Dow is down 62.21 points or 0.2 percent at 38,271.24, the Nasdaq is down 68.81 points or 0.4 percent at 15,559.24 and the S&P 500 is down 8.27 points or 0.2 percent at 4,919.66.

The modest weakness on Wall Street comes as traders look to cash in on the rally seen late in Monday’s trading, which lifted the Dow and the S&P 500 to new record closing highs.

Uncertainty ahead of the Federal Reserve’s monetary policy announcement on Wednesday may have inspired some traders to book profits.

The Fed is widely expected to leave interest rates unchanged, but the accompanying statement could have a significant impact on the outlook for rates.

Optimism about a March rate cut has faded recently, with many economists now suggesting the Fed will wait until May to begin lowering rates.

Stocks saw further downside following the release of a Labor Department report showing an unexpected increase in job openings in the month of December.

The Labor Department said job openings rose to 9.03 million in December from an upwardly revised 8.93 million in November.

Economists had expected job openings to dip to 8.75 million in December from the 8.79 million originally reported for the previous month.

A steep drop by shares of UPS (UPS) is also weighing on Wall Street, with the delivery giant plunging by 8.0 percent in pre-market trading.

UPS is under pressure after reporting weaker than expected fourth quarter revenues and providing disappointing 2024 guidance.

On the other hand, shares of General Motors (GM) are surging by 6.8 percent after the auto giant reported fourth quarter results that beat expectations and offered a bullish profit outlook for…