RTTNews - Stocks are seeing considerable weakness in late morning trading on Tuesday, with the major averages firmly in negative territory after showing a notable decline earlier in the session. Concerns about the upcoming earnings season have generated some selling pressure.

Housing stocks have helped to lead the way lower, extending a recent downward move. The Philadelphia Housing Index is currently down 2.6 percent after hitting a nearly three-month intraday low earlier in the session.

Significant weakness is also visible in a variety of other sectors, with oil service, chemical, and real estate stocks posting steep losses. The weakness among oil service stocks comes after the price of crude oil is moving lower for the fifth consecutive session.

On the other hand, health insurance and healthcare provider stocks continue to buck the downtrend by the broader markets. The Morgan Stanley Healthcare Payor Index and the Morgan Stanley Healthcare Provider Index are up 5.1 percent and 3.3 percent, respectively.

The major averages have been more or less rangebound in recent trading, lingering well below the unchanged line. The Dow is currently down 75.27 at 8,249.60, the Nasdaq is down 16.86 at 1,770.54 and the S&P 500 is down 7.00 at 892.72.

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