The major averages have moved roughly sideways in recent trading, stuck in negative territory. The Dow is down 63.90 points or 0.4% at 17,004.36, the Nasdaq is down 13.65 points or 0.3% at 4,472.28 and the S&P 500 is down 6.37 points or 0.3% at 1,979.07.
The early weakness on
Last week's gains lifted the Dow and the S&P 500 to new record highs, while the Nasdaq reached its best levels since 2000.
Worries about the outlook for interest rates are also weighing on the markets following last Thursday's much better than expected jobs data.
Nonetheless, traders seem somewhat reluctant to make any significant moves amid the absence of any major US economic reports on the day.
The economic calendar remains sparse throughout the week, although traders are likely to keep an eye on several speeches by Federal Reserve officials as well as the minute of the latest Fed meeting.
"These speeches are important because the Fed is going to have to do a better job of explaining to markets the math in their forecasts because they are falling further behind the reality of the data," said
He added, "
Additionally, aluminum giant
The release of results from
Gold stocks are seeing considerable weakness, with the NYSE Arca Gold Bugs Index falling by 1.6%. The losses by gold stocks come amid a decrease by the price of the precious metal.
Airline, brokerage, and oil service stocks are also seeing early weakness, while most of the other major sectors have shown more modest moves to the downside.
In overseas trading, stock markets across the
Meanwhile, the major European markets have all moved to the downside on the day. While the French CAC 40 Index has fallen by 1%, the German DAX Index and the
In the bond market, treasuries are seeing modest strength after pulling back sharply over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2 basis points at 2.628%.
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