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Major Averages Posting Modest Losses In Early Trading

4/2/2012 9:44 AM ET

Stocks are seeing modest weakness in early trading on Monday, giving back some ground after moving sharply higher in the first quarter. The major averages have all moved to the downside, although selling pressure remains relatively subdued.

The early weakness on Wall Street is partly due to some disappointing European economic data, with a report from Markit Economics showing a continued contraction in eurozone manufacturing activity.

Shortly, trading could be impacted by the release of some U.S. economic data, including a report from the Institute for Supply Management on activity in the U.S. manufacturing sector.

Economists expect the ISM's index of activity in the manufacturing sector to edge up to 53.0 in March from 52.4 in February, indicating a modest acceleration in the pace of growth in the sector.

While housing and biotechnology stocks have come under pressure in early trading, most of the major sectors are showing only modest moves.

The major averages have edged up off their lows for the young session but currently remain in the red. The Dow is down 37.35 points or 0.3 percent at 13,174.69, the Nasdaq is down 6.91 points or 0.2 percent at 3,084.66 and the S&P 500 is down 1.51 points or 0.1 percent at 1,406.96.

by RTT Staff Writer

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