Stocks have shown a notable decline over the course of the first half-hour of trading on Monday, with the major averages giving back some ground after closing higher for the five previous weeks. Earnings anxiety has inspired some traders to cash in on the recent gains.

With Seagate Technology (STX) helping to lead the way lower after predicting better than expected third quarter earnings but eliminating its dividend, electronic storage stocks are turning in some of the market's worst performances in early trading.

Oil service stocks are also posting notable losses amid a steep decline by the price of oil, while significant weakness is also visible among semiconductor, housing, and transportation stocks. On the other hand, some gold and health insurance stocks are bucking the downtrend.

The major averages are currently posting steep losses, just off their lows for the young session. The Dow is currently down 93.67 at 7,989.71, the Nasdaq is down 15.23 at 1,637.31 and the S&P 500 is down 9.41 at 847.15.

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