Networking stocks are showing another notable move to the downside after helping to lead the markets lower in the previous session. The NYSE Arca Networking Index has tumbled by 2.1%, falling to its lowest intraday level in well over two months.
Within the networking sector,
Computer hardware stocks are also adding to yesterday's steep losses, with the NYSE Arca Computer Hardware Index falling by 1.8%. The index is pulling back further off the record closing high it set on Wednesday.
Significant weakness has also emerged among banking stocks, as reflected by the 1.8% loss being posted by the Dow Jones Banks Index. JP Morgan (JPM) is turning in one of the sector's worst performances, falling by 2.8%.
Brokerage, energy, software, and telecom stocks have also come under pressure on the day, extending the broad based weakness seen on Thursday.
The major averages have climbed off their worst levels in recent trading but remain firmly negative. The Dow is down 100.56 points or 0.6% at 16,462.74, the Nasdaq is down 38.07 points or 0.9% at 4,331.70 and the S&P 500 is down 11.33 points or 0.6% at 1,919.34.
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