Wall Street Trades Mixed

Updated from 10:28 a.m. EST

Stocks in New York, which opened Tuesday with losses, were lately trading mixed as investors took in the latest monthly housing and retail sales data.

The Dow Jones Industrial Average was down 29 points at 8904, while the S&P 500 was up 4.9 points at 914. The Nasdaq was gaining 27 points at 1599.

The National Association of Realtors (NAR) reported that pending home sales dropped about 0.7% in October, from September. Consensus expectations were for a steeper, 3% drop. Existing-home sales are getting a boost from sales of foreclosed homes, which have been accounting for as much as 30% to 40% of sales in some areas of the nation, according to the report.

Other data released on Tuesday showed continued weakness in retail and chain store sales. The International Council of Shopping Centers weekly chains stores data showed a 0.8% drop in sales for the week of Dec. 6 compared to the week prior. The Johnson Redbook Retail Sales Index showed an 0.8% decline for the same week compared to the month prior.

Meanwhile, stocks in the shipping sector were struggling after FedEx (FDX Quote) cut its 2009 earnings and expense guidance.

Analysts at Barclays cut estimates and price target for FedEx to reflect the company's earnings warning. Meanwhile, JPMorgan downgraded fellow package delivery company UPS(UPS Quote) to neutral from overweight.

Also, trucking firm Con-Way (CNW Quote)cut its 2008 profit guidance late Monday by roughly 15%, as it wrestles with reduced demand for shipping goods. The company also said it cut about 8% of its workforce, or 1,450 jobs, last week.