RTTNews - Stocks moved lower at the start of trading on Wednesday, with the major averages giving back some ground after showing a strong upward move in recent sessions. Profit taking contributed to the initial move to the downside, although selling pressure was somewhat subdued.
With traders reacting negatively to quarterly results from companies such as Morgan Stanley (MS) and Wells Fargo (WFC), banking stocks are turning in some of the market's worst performances in early trading.
Resource stocks are also seeing some early weakness amid a decrease in commodities prices. While airline stocks are also pulling back well off their recent highs, some strength has emerged among electronic storage, semiconductor, and housing stocks.
In the past few minutes, the major averages have moved well off their lows for the young session, with the Nasdaq peeking above the unchanged line. While the Nasdaq is currently up 0.69 at 1,916.89, the Dow is down 14.51 at 8,901.43 and the S&P 500 is down 3.04 at 951.54.
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