With traders reacting negatively to the latest batch of earnings news, stocks moved lower at the start of trading on Wednesday. The major averages all moved firmly into negative territory after ending the previous session notably higher.
Financial stocks are turning in some of the worst performances in early trading, with Morgan Stanley (MS) helping to lead the way lower after reporting a much wider than expected first quarter loss and slashing its dividend.
While notable weakness has also emerged in the railroad, pharmaceutical, and real estate sectors, selling pressure has remained relatively subdued. Meanwhile, some trucking stocks have shown strong moves to the upside.
In the past few minutes, the major averages have moved well off their lows for the young session, although they currently remain stuck in the red. The Dow is currently down 30.34 at 7,939.22, the Nasdaq is down 4.92 at 1,638.93 and the S&P 500 is down 4.43 at 845.65.
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