Stocks continue to see considerable weakness in mid-day trading on Friday after showing a notable move to the downside early in the session. Renewed concerns about the financial situation in Greece are weighing on the markets.
The major averages have moved roughly sideways in recent trading, lingering firmly in negative territory. The Dow is down 108.30 points or 0.8 percent at 12,782.16, the Nasdaq is down 18.81 points or 0.6 percent at 2,908.42 and the S&P 500 is down 9.51 points or 0.7 percent at 1,342.44.
The sell-off seen at the start of trading came on the heels of news that European finance ministers were unimpressed with the austerity agreement reached by Greek political leaders on Thursday, calling for an additional 325 million euros in savings.
The other eurozone countries are also calling for guarantees that the measures will be implemented before signing off on a new 130 billion euro bailout for the debt-plagued nation.
A report showing a notable drop in Chinese imports in the month of January has also contributed to the weakness on Wall Street, with the data raising concerns about the level demand in the communist country.
The report showed that the value of Chinese imports in January was down 15.3 percent compared to the same month a year ago.
Further selling pressure was generated by the release of a report from Reuters and the University of Michigan showing that U.S. consumer sentiment has deteriorated by more than expected in the month of February.
The report showed that the consumer sentiment index dropped to a reading of 72.5 in February from January's final reading of 75.0. Economists had been expecting the index to edge down to 74.8.
A separate report from the Commerce Department showed that the U.S. trade deficit came in wider than expected in the month of December, with the value of imports increasing at a faster rate than the value of exports.
Among individual stocks, shares of Activision Blizzard (ATVI) are under pressure after the video game maker reported better than expected fourth quarter results but provided disappointing first quarter guidance. Activision Blizzard is currently down by 2.5 percent.
Meanwhile, NYSE Euronext (NYX) is up by 3.1 percent after reporting fourth quarter adjusted earnings of $0.50 per share compared to $0.46 per share a year ago. Revenues, excluding transaction-based expenses, rose 2 percent to $628 million. The results were better than expected.
Sector News
With traders expressing concerns about the outlook for global demand, steel stocks have come under considerable selling pressure on the day. The NYSE Arca Steel Index has tumbled by 2.6 percent, pulling back further off the six-month closing high it set last Friday.
Among steel stocks, Mechel (MTL) is turning in one of the worst performances, sliding by 5.5 percent. Arcelor Mittal (MT) and AK Steel (AKS) are also posting steep losses.
Significant weakness is also visible among gold stocks, which are moving lower along with the price of the precious metal. With gold for April delivery falling $18.70 to $1,722.50 an ounce, the NYSE Arca Gold Bugs Index is down by 1.7 percent.
Most of the other major sectors have also moved to the downside on the day, reflecting broad based selling pressure. Semiconductor, electronic storage, and chemical stocks are posting notable losses, pulling back off their recent highs.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index fell by 0.6 percent, while Hong Kong's Hang Seng Index ended the day down by 1.1 percent.
The major European markets also showed notable moves to the downside on the day. While the U.K.'s FTSE 100 Index fell by 0.7 percent, the German DAX Index and French CAC 40 Index the dropped by 1.4 percent and 1.5 percent, respectively.
In the bond market, treasuries have rebounded after coming under pressure in the previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 6.8 basis points at 1.979 percent.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.