Stocks have moved mostly lower over the course of the trading day on Friday, extending the downward move seen in recent sessions. Traders are keeping a close eye on shares of Facebook (FB) following its highly anticipated debut.
The major averages have bounced off their lows for the session in the past few minutes but currently remain in the red. The Dow is down 17.52 points or 0.1 percent at 12,424.97, the Nasdaq is down 10.86 points or 0.4 percent at 2,802.83 and the S&P 500 is down 1.56 points or 0.1 percent at 1,303.30.
The weakness that has emerged on Wall Street comes despite a lack of major catalysts, with the drop likely reflecting the recent downward momentum for the markets.
With the losses on the day, the Dow is moving lower for the twelfth time in the past thirteen sessions, falling to its lowest intraday level in four months.
Lingering concerns about the financial situation in Europe continue to weigh on the markets, with the ongoing political uncertainty in Greece adding to worries about the outlook for the eurozone.
However, a recent note from Capital Economics said, "All things considered, we don't expect Greece's eventual exit from the euro-zone to have any devastating impact on the US economy, even if the exit from the single currency is compounded by a Greek banking collapse and/or a further sovereign debt default."
"The trade links are pretty modest," the firm said. "Only 0.1 percent of U.S. exports go to Greece and less than 3 percent go to the five peripheral euro-zone countries combined. The financial links also look to be manageable."
Social networking giant Facebook is attracting a lot of attention after making its debut on the Nasdaq in late morning trading. Technical issues delayed the opening by about 30 minutes.
After opening notably higher, shares of Facebook gave back some ground but have moved back to the upside in recent trading. Facebook is currently up by 5.6 percent.
Meanwhile, shares of Gap (GPS) are down by 2 percent even though the apparel retailer reported better than expected first quarter results. The company also raised its full-year earnings guidance.
Chip maker Marvell Technology (MRVL) is also trading lower despite reporting better than expected first quarter results, initiating a quarterly dividend of $0.06 per share, and adding $500 million to its share repurchase program.
Sector News
Biotech stocks are seeing significant weakness in mid-day trading, with the NYSE Arca Biotechnology Index down by 1.8 percent. With the loss, the index is pulling back further off the record intraday high it reached during trading on Wednesday.
Sequenom (SQNM) has helped to lead the biotech sector lower, tumbling by 9 percent amid news of the termination of a coverage agreement with Coventry Health Care (CVH).
Considerable weakness is also visible among computer hardware stocks, as reflected by the 1.1 percent loss being posted by the NYSE Arca Computer Hardware Index. Hewlett Packard (HPQ) is down by 1.6 percent amid reports that the PC giant plans to cut up to 30,000 jobs.
Steel, housing, airline, and healthcare stocks have also come under pressure, while gold stocks are bucking the downtrend once again. The NYSE Arca Gold Bugs Index is up by 1.9 percent, adding to the 4.4 percent gain it posted on Thursday.
Other Markets
In overseas trading, stock saw considerable weakness during trading on Friday following the overnight sell-off on Wall Street. Japan's Nikkei 225 Index tumbled by 3 percent, while Hong Kong's Hang Seng Index ended the day down by 1.3 percent.
The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index slid 1.3 percent, the German DAX Index dropped by 0.6 percent, and the French CAC 40 Index edged down by 0.1 percent.
In the bond market, treasuries have climbed back near the unchanged line after seeing early weakness. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 1.709 percent after reaching a high of 1.743 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.