The early weakness on
The drop by
Traders are also digesting a mixed batch of US economic data, with disappointing readings on industrial production and homebuilder confidence seemingly overshadowing an upbeat jobs report.
Oil service stocks have shown a substantial move to the downside, dragging the Philadelphia Oil Service Index down by 2.6% to a nearly two-month low. The weakness in the sector comes amid a decrease by the price of crude oil.
Significant weakness has also emerged among biotechnology stocks, as reflected by the 2.3% loss being posted by the NYSE Arca Biotechnology Index.
Brokerage, airline and housing stocks are also seeing considerable weakness in early trading, moving lower along with most of the other major sectors.
The major averages have recently climbed off their lows for the young session but continue to post steep losses. The Dow is down 147.45 points or 0.9% at 16,466.52, the Nasdaq is down 48.89 points or 1.2% at 4,051.74 and the S&P 500 is down 19.20 points or 1% at 1,869.33.
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