RTTNews - Stocks have moved modestly lower over the course of early trading on Wednesday, with the major averages giving back some ground after ending the previous session sharply higher. Nonetheless, selling pressure has remained relatively subdued.

After seeing significant strength in the previous session, housing stocks are moving notably lower ahead of the release of a report on existing home sales. While chemical and transportation stocks are also seeing early weakness, oil service and semiconductor stocks are posting strong gains.

In the past few minutes, the major averages have edged up off their lows for the young session, although they remain stuck modestly below the unchanged line. The Dow is currently down 16.88 at 8,456.61, the Nasdaq is down 6.00 at 1,744.43 and the S&P 500 is down 1.12 at 909.21.

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