Major Averages Move Back To The Downside In Early Trading

(RTTNews) - Stocks have moved mostly lower in early trading on Thursday, giving back some ground after ending the previous session notably higher. The major averages have all moved to the downside, although selling pressure has remained somewhat subdued.

The early weakness on Wall Street comes as some traders are cashing in on the upward move seen in recent sessions, which lifted the Dow to its best level in over a month on Wednesday.

Uncertainty about the upcoming earnings season may also be weighing on the markets, with Alcoa (AA) set to release its third quarter results after the close of trading.

Nonetheless, traders seem somewhat reluctant to make any significant moves ahead of the release of the minutes of the Federal Reserve's latest monetary policy meeting this afternoon.

Oil service stocks have shown a notable move to the downside, however, with the Philadelphia Oil Service Index falling by 1.6 percent. The weakness in the sector comes despite an increase by the price of crude oil.

Biotechnology and internet stocks are also seeing early weakness, while some strength has emerged among networking stocks.

Currently, the major averages remain in the red, although the Dow is down only 3.78 points or less than a tenth of a percent at 16,908.51. The Nasdaq is down 24.13 points or 0.5 percent at 4,767.02 and the S&P 500 is down 2.88 points or 0.1 percent at 1,992.95.