After showing a notable decline at the open, stocks have seen some further downside over the course of morning trading on Monday. The major averages have moved firmly into negative territory, pulling back off the multi-month closing highs set last Thursday.

Profit taking is contributing to the weakness in the markets, with traders cashing in on the market's recent gains amid some anxiety about the upcoming release of quarterly results from big-name companies such as Citigroup (C) and Intel (INTC).

Semiconductor stocks are turning in some of the market's worst performances, with the Philadelphia Semiconductor Index falling 3.5 percent after ending the previous session at its best closing level in nearly six months.

While oil service, housing, computer hardware, and transportation stocks are also posting notable losses, strength in the financial, health insurance, and gold sectors is helping to limit the downside for the broader markets.

The major averages pulled back to new lows for the session in recent trading but have shown a notable rebound since then. Nonetheless, the Dow remains down 86.58 at 7,996.80, the Nasdaq is down 16.08 at 1,636.46 and the S&P 500 is down 5.54 at 851.02.

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