Stocks showed a notable decline at the start of trading on Tuesday, as traders continued to express concerns about the economic impact of the swine flu outbreak as well as reports that major banks may still need to raise additional capital.

With U.S. Steel (X) helping to lead the way lower after reporting its first quarterly loss in over five years, steel stocks are turning in some of the worst performances in early trading. Gold, housing, banking, and airline stocks are also seeing significant early weakness.

The major averages have seen some further downside in the past few minutes, pulling back to new lows for the young session. The Dow is currently down 84.11 at 7,940.89, the Nasdaq is down 17.88 at 1,661.53 and the S&P 500 is down 10.39 at 847.12.

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