Stocks moved lower at the start of trading on Wednesday, with the major averages seeing some further downside after ending the previous session firmly in the red. Renewed concerns about the outlook for the economy contributed to the initial weakness in the markets.

After posting steep losses in the previous session, financial stocks are helping to lead the way lower once again, pulling back further off their recent highs. Airline stocks are also moving notably lower after SkyWest (SKYW) issued a first quarter earnings warning.

While semiconductor, steel, and electronic storage stocks are also seeing early weakness, strength among railroad, gold, and natural gas stocks is helping to limit the downside for the markets.

In the past few minutes, the major averages have edged up off their lows for the young session, although they continue to post notable losses. The Dow is currently down 40.30 at 7,879.88, the Nasdaq is down 16.65 at 1,609.07 and the S&P 500 is down 4.09 at 837.41.

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