RTTNews - After showing a notable decline early on, stocks are seeing continued weakness in late morning trading on Monday. While selling pressure has waned from earlier in the session, the major averages remain firmly in negative territory.
With a sell-off in China generating some selling pressure, traders are cashing in on the recent strength in the markets despite the release of some upbeat data on manufacturing activity in the Chicago area.
The weakness in the Chinese stock market has contributed to a notable drop in commodities prices, which in turn has helped to drag down resource stocks. Steel, oil service, and gold stocks are posting particularly steep losses.
Most of the other major sectors have also come under pressure over the course of the morning, with significant weakness visible among transportation, healthcare provider, electronic storage and semiconductor stocks.
The major averages have moved well off their lows for the session, although they continue to post notable losses. The Dow is currently down 83.97 at 9,460.23, the Nasdaq is down 25.51 at 2,003.26 and the S&P 500 is down 11.73 at 1,017.20.
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