Trepidation ahead of the start of earnings season has contributed to the early weakness on
Lingering concerns about the outlook for monetary policy may also be leading some traders to cash in on the recent strength in the markets.
After helping to lead the markets lower on Monday, airline stocks are seeing further downside in early trading. The NYSE Arca Airline Index has tumbled by 2.5%, hitting its lowest intraday level in well over a month.
Electronic storage, networking, biotechnology, and brokerage stocks are also moving notably lower, while gold stocks are bucking the downtrend by the broader markets.
The major averages have seen some further downside in recent trading, falling to new lows for the young session. The Dow is down 99.93 points or 0.6% at 16,924.28, the Nasdaq is down 39.67 point or 0.9% at 4,411.86 and the S&P 500 is down 10.92 points or 0.6% at 1,966.73.
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