Major Averages Slide Firmly Into The Red In Early Trading

(RTTNews) - Stocks have shown a notable move to the downside in early trading on Friday amid renewed concerns about the situation in Ukraine. The major averages have slid firmly into negative territory, with the tech-heavy Nasdaq showing a particularly steep drop.

The early weakness on Wall Street comes as traders are keeping an eye on the latest developments in Ukraine amid concerns about the impact of escalating tensions.

Yesterday's reports of Ukrainian forces killing several pro-Russian militants have raised the specter of a wider conflict, with Russian troops said to be conducting military exercises close to the border.

A negative reaction to some of the latest earnings news is also weighing on the markets, with auto giant Ford (F) under pressure after reporting weaker than expected first quarter earnings.

Semiconductor stocks are turning in some of the market's worst performances in early trading, dragging the Philadelphia Semiconductor Index down by 2.1 percent. Freescale Semiconductor (FSL) is leading the sector lower despite reporting better than expected first quarter results.

Considerable weakness has also emerged among biotechnology stocks, as reflected by the 1.5 percent loss being posted by the NYSE Arca Biotechnology Index. ImmunoGen (IMGN) is falling sharply after reporting a wider than expected first quarter loss.

Networking, housing, and retail stocks are also seeing early weakness, while gold stocks are bucking the downtrend amid an increase by the price of the precious metal.

The major averages have recently climbed off their lows for the young session but remain stuck in the red. The Dow is down 92.30 points or 0.6 percent at 16,409.35, the Nasdaq is down 38.82 points or 0.9 percent at 4,109.52 and the S&P 500 is down 7.46 points or 0.4 percent at 1,871.15.