With traders doing some profit taking ahead of the release of quarterly results from some big name financial companies, stocks showed a notable decline at the start of trading on Monday. The major averages all moved lower after closing higher for five straight weeks.

Oil service stocks are turning in some of the market's worst performances in early trading, as traders react to a notable decrease by the price of oil. Significant weakness has also emerged among electronic storage, semiconductor, and banking stocks.

In the past few minutes, the major averages have edged up off their lows for the young session, although they remain firmly in the red. The Dow is currently down 83.39 at 7,999.99, the Nasdaq is down 10.56 at 1,641.98 and the S&P 500 is down 7.99 at 848.57.

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