While the major averages have seen some volatility over the course of morning trading on Wednesday, with the Dow and the S&P 500 bouncing back and forth across the unchanged line, the Nasdaq has remained stuck in negative territory.

Weakness in the semiconductor sector has helped to keep the tech-heavy Nasdaq in the red, with Intel (INTC) leading the sector lower after reporting better than expected first quarter results but failing to give a detailed revenue forecast.

Financial stocks are also seeing considerable weakness due in part to a warning from Raymond James (RJF), which said that its fiscal second quarter earnings will be well below the current consensus analysts' estimate.

On the other hand, housing and railroad stocks are posting strong gains, with the strength in the housing sector coming in spite of a report showing a notable decline in mortgage applications last week. Tobacco, airline, and gold stocks are also seeing some strength.

In recent trading, the Dow briefly slipped back below the unchanged line, but it has moved back to the upside since then and is currently up 10.59 at 7,930.77. Meanwhile, the Nasdaq is down 20.19 at 1,605.53 and the S&P 500 is down 1.33 at 840.17.

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