Dow Turns Positive, Tech-Heavy Nasdaq Continues To Post Steep Loss

(RTTNews) - With traders looking ahead to the Federal Reserve's monetary policy announcement later this week, stocks are largely showing a lack of direction during trading on Monday. Technology stocks are seeing significant weakness, however, resulting in a sharp drop by the tech-heavy Nasdaq.

Biotechnology stocks continue to see substantial weakness in mid-day trading, with the NYSE Arca Biotechnology Index tumbling by 2.3 percent. With the loss, the index is pulling back further off the record closing high it set last Wednesday.

Exact Sciences (EXAS) and Nektar Therapeutics (NKTR) are turning in two of the biotech sector's worst performances, plunging by 7.2 percent and 5.1 percent, respectively.

Significant weakness also remains visible among electronic storage stocks, as reflected by the 2.2 percent loss being posted by the NYSE Arca Disk Drive Index. The index is giving back ground after ending the previous session at a three-year closing high.

Internet, networking, and semiconductor stocks are also under considerable pressure on the day, contributing to the steep loss being posted by the Nasdaq.

Outside of the tech sector, airline and tobacco stocks are also seeing notable weakness, while most of the other major sectors are showing more modest moves.

Currently, the major averages are turning in a mixed performance, as the Dow has crept above the unchanged line. While the Dow is up 14.25 points or 0.1 percent at 17,001.76, the Nasdaq is down 51.60 points or 1.1 percent at 4,515.99 and the S&P 500 is down 5.27 points or 0.3 percent at 1,980.27.