RTTNews - Stocks moved lower at the start of trading on Monday, with the major averages giving back some ground after extending a recent upward move last week. Nonetheless, selling pressure has remained somewhat subdued in early trading.
After trending higher in recent sessions, airline stocks are turning in some of the worst performances, as traders do some profit taking. Some retail, defense, and oil service stocks are also posting notable losses.
Later this morning, trading is likely to be impacted by the release of the Commerce Department's report on new home sales for June. Sales are expected to rise to an annual rate of 352,000 for the month compared to 342,000 reported for May. The report will be released at 10:00 a.m. ET.
In earnings news, Verizon Communications (VZ) announced adjusted second quarter net income of $0.63 per share, compared with $0.67 per share a year earlier. Analysts anticipated the company to report earnings of $0.63 per share.
Honeywell (HON) reported second-quarter net income of $0.60 per share, compared to $0.96 per share in the same quarter of last year. The results came in line with analyst forecasts of $0.60 per share for the quarter.
In the past few minutes, the major averages have edged up off their lows for the young session, although they remain modestly lower. The Dow is currently down 21.99 at 9,071.25, the Nasdaq is down 7.52 at 1,958.44 and the S&P 500 is down 2.70 at 976.56.
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