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U.S. Stocks Mostly Lower In Early Afternoon Trading

wallstreet oct25 23sep20 lt

After ending the previous session notably higher, stocks have moved back to the downside during trading on Wednesday. The major averages have all moved lower, with the tech-heavy Nasdaq showing a particularly steep drop.

Currently, the major averages are off their worst levels of the day but still in the red. The Dow is down 64.41 points or 0.2 percent at 27,223.77, the Nasdaq is down 114.17 points or 1 percent at 10,849.47 and the S&P 500 is down 20.80 points or 0.6 percent at 3,294.77.

The pullback on Wall Street reflects renewed weakness among technology stocks, as reflected by the significant drop by the Nasdaq.

Big-name companies like Amazon (AMZN), Netflix (NFLX), Apple (AAPL), and Alphabet (AAPL) are all seeing notable weakness on the day.

Outside of the tech sector, gold stocks have also shown a substantial move to the downside, dragging the NYSE Arca Gold Bugs Index down by 4.3 percent to a two-month intraday low.

The sell-off by gold stocks comes as the price of the precious metal has moved sharply lower, with gold for December delivery plunging $37.20 to $1,870.40 an ounce.

Energy stocks are also seeing considerable weakness in early afternoon trading despite an increase by the price of crude oil.

Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index is down by 2.7 percent and the NYSE Arca Oil Index is down by 1.9 percent.

Networking, retail and housing stocks are also seeing notable weakness on the day, while some strength is visible among transportation and computer hardware stocks.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Wednesday, although Japan's Nikkei 225 Index bucked the uptrend and edged down by 0.1 percent. China's Shanghai Composite Index rose by 0.2 percent, while Australia's S&P/ASX 200 Index spiked by 2.4 percent.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index surged up by 1.2 percent, the French CAC 40 Index climbed by 0.6 percent and the German DAX Index rose by 0.4 percent.

In the bond market, treasuries have moved lower after ending the previous session little changed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2 basis points at 0.684 percent.

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