After moving modestly higher over the course of the previous session, stocks moved back to the downside at the start of trading on Wednesday. The major averages all slipped into negative territory, pulling back off their best closing levels in over a year.
The initial weakness in the markets was partly due to the release of a report from the Commerce Department showing an unexpected decrease in housing starts, although the drop came amid some uncertainty about the first-time home buyers tax credit.
Early weakness has emerged among electronic storage stocks, with Seagate Technology (STX) helping to lead the way lower after a downgrade by Bank of America/Merrill Lynch. Some wireless, networking, and biotech stocks are also moving lower.
While selling pressure has remained somewhat subdued, the major averages are currently stuck in the red. The Dow is currently down 27.21 at 10,410.21, the Nasdaq is down 10.27 at 2,193.51 and the S&P 500 is down 1.88 at 1,108.44.
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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.