The major market averages were idling at the flat line after early gains were reined in after the S&P 500 and Nasdaq set new record highs at the open. Wall Street's tone was cautious, however, as recent developments surrounding President Trump weighed on investor's appetite for risk. Late Monday, the Washington Post reported that the president disclosed classified information to the Russian foreign minister, raising concerns about his ability to enact pro-growth policies in an environment of waning public support.

Stocks were building on Monday's gains at the open as bullish factory data offset an unexpected decline in housing starts and permits. Starts fell 2.6% in April to a seasonally adjusted annual rate (SAAR) of 1.172 million, missing expectations for a gain of 3.4% to 1.256 million.

Permits were also unexpectedly soft, down 2.5% last month to a SAAR of 1.229 million versus the estimated 1.271 million.

The factory sector remained robust in April, however, as industrial production increased 1.0%, well above expectations for a gain of 0.4%. Capacity utilization improved to 76.7% from 76.1% in March, beating 76.3% expectations.

In related markets, oil futures were flat, Treasury yields were lower and gold was higher as demand for safe-haven accelerated, driving the dollar lower against the euro, yen and Swiss franc.

European equities were mixed with the UK's FTSE-100 advancing to a record high as the recent weakness in sterling provided a boost to exporters. Germany's DAX retreated from its record high with today's rally in the euro weighing on Euro-zone bourses, including France's CAC-40.

Crude oil was up $0.05 to $48.90 per barrel. Natural gas was down $0.08 to $3.35 per 1 million BTU. Gold was up $6.50 to $1,236.40 an ounce, while silver was up $0.15 to $16.75 an ounce. Copper was up $0.01 to $2.58 per pound.

Among energy ETFs, the United States Oil Fund was unchanged at $10.17 with the United States Natural Gas Fund was down 2.90% to $7.53. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 0.48% to 22.91 while SPDR Gold Shares were up 0.54% to $117.77. The iShares Silver Trust was up 0.70% to $15.87.

Here's where the markets stand at mid-day:

US MARKETS

NYSE Composite Index was down 2.13 points (-0.02%) to 11,612.10

Dow Jones Industrial Index was down 1.35 points (-0.01%) to 20,980.59

S&P 500 was down 2.30 points (-0.10%) to 2,400.02

Nasdaq Composite Index was up 3.22 points (-0.05%) to 6,152.89

GLOBAL SENTIMENT

FTSE 100 was up 69.31 points (+0.93%) to 7,523.68

DAX was down 3.22 points (-0.03%) to 12,803.82

CAC 40 was down 11.86 points (-0.22%) to 5,405.54

Nikkei 225 was up 49.97 points (+0.25%) to 19,919.82

Hang Seng Index was down 35.65 points (-0.14%) to 25,335.94

Shanghai China Composite Index was up 22.74 points (+0.74%) to 3,112.96

NYSE SECTOR INDICES

NYSE Energy Sector Index was up 19.60 points (+0.19%) to 10,694.34

NYSE Financial Sector Index was down 8.04 points (-0.11%) to 7,229.63

NYSE Healthcare Sector Index was down 50.04 points (-0.37%) to 13,195.79

UPSIDE MOVERS

(+) XGTI (+30.34%) Reported a 904% jump in Q1 revenue from year ago

(+) ETSY (+22.44%) TPG Holdings disclosed 3.7% stake

(+) AKBA (+18.37%) Inks exclusive deal to sell vadadustat to Fresenius Medical Care ( FMS ) dialysis clinics

DOWNSIDE MOVERS

(-) ETRM (-23.44%) Reported a loss of $1.27 per share on 43% drop in revenue

(-) PTX (-16.93%) Revenue declined from a year ago

(-) DKS (-13.26%) Q1 results meet expectations but same-store sales miss

(-) IPDN (-2.71%) Reports a loss for Q1 on below consensus sales

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.