While selling pressure has waned from earlier in the session, stocks remain mostly negative in late morning trading on Friday. The major averages are stuck firmly in the red, although they have moved well off their worst levels of the day.

Oil service stocks are turning in some of the market's worst performances amid a notable pullback by the price of oil. With crude for May delivery currently down $2.29 at $52.05 a barrel, the Philadelphia Oil Service Index is currently down 3 percent.

Other resource stocks such as natural gas and gold stocks are also under pressure, as most of the major commodities prices are moving lower. Some software, real estate, and telecommunications stocks are also posting notable losses.

Meanwhile, some banking stocks have turned higher over the course of the morning, with the Kbw Bank Index climbing modestly above the unchanged line after falling as much as 3.1 percent early in the trading day.

The major averages have moved roughly sideways in recent trading, lingering well below the unchanged line. The Dow is currently down 111.75 at 7,812.81, the Nasdaq is down 23.04 at 1,563.96 and the S&P 500 is down 9.59 at 823.27.

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