Major Averages Posting Modest Losses In Early Trading

(RTTNews) - Stocks have moved modestly lower in early trading on Tuesday, giving back some ground after trending higher in recent sessions. The major averages have all slid into negative territory, although selling pressure has remained somewhat subdued.

The early weakness on Wall Street is partly due to profit taking, with some traders cashing in on the recent upward trend by the markets.

The Dow and the S&P 500 are pulling back off the record closing highs set on Monday, while the Nasdaq is moving lower after ending the previous session at its best levels in three months.

Nonetheless, traders seem somewhat reluctant to make any significant moves amid another quiet day on the U.S. economic front.

The Commerce Department recently released a report showing a much bigger than expected increase in wholesale inventories in April, but the data has largely been shrugged off by the markets.

Airline stocks are seeing notable weakness, however, with the NYSE Arca Airline Index falling by 1.2 percent. With the loss, the index is pulling back further off the twelve-year closing high that it set last Friday.

Brokerage, electronic storage, and steel stocks are also seeing early weakness, while most of the other major sectors have shown more modest moves to the downside.

The major averages have recently bounced off their lows for the young session but remain in the red. The Dow is down 34.80 points or 0.2 percent at 16,908.30, the Nasdaq is down 10.56 points or 0.2 percent at 4,325.68 and the S&P 500 is down 4.63 points or 0.2 percent at 1,946.64.