RTTNews - Selling pressure has waned considerably from earlier in the session, but stocks continue to see some weakness in late morning trading on Wednesday. The major averages remain stuck in the red, but they have moved well off their worst levels of the day.

Despite the recovery attempt by the broader markets, significant weakness remains visible among commercial real estate stocks. The Morgan Stanley REIT Index is currently down 1.7 percent, more than offsetting the gain it posted in the previous session.

Health insurance, electronic storage, and steel stocks also continue to post notable losses. The weakness among steel stocks comes as a sell-off in the Chinese stock market has raised some concerns about the outlook for steel demand.

On the other hand, some strength has emerged in the biotechnology sector, as reflected by the 0.9 percent gain currently being shown by the NYSE Arca Biotechnology Index. Oil, natural gas, and pharmaceutical stocks are also seeing modest strength.

The major averages have been more or less rangebound in recent trading, lingering modestly below the unchanged line. The Dow is currently down 14.96 at 9,202.98, the Nasdaq is down 7.29 at 1,948.63 and the S&P 500 is down 1.71 at 987.96.

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