Stocks have moved modestly lower in early trading on Monday, giving back some ground after trending higher in recent weeks. The major averages have dipped into negative territory, although selling pressure has remained relatively subdued.
The early weakness on Wall Street is largely due to profit taking, with some traders cashing in on the recent strength in the markets.
Last week's gains lifted the Dow and the S&P 500 to new record closing highs, while the Nasdaq rose to another twelve-year high.
Nonetheless, a report from the Commerce Department showing an unexpected increase in April retail sales has helped to limit the downside for the markets.
Gold stocks are seeing significant weakness, however, with a decrease by the price of the precious metal weighing on the sector. With gold for June delivery sliding $4.50 to $1,432.10 an ounce, the NYSE Arca Gold Bugs Index is down by 2.2 percent.
Steel, chemical, and railroad stocks are also seeing notable weakness, while most of the major sectors are showing more modest moves to the downside.
The major averages are currently posting modest losses, near their lows for the young session. The Dow is down 59.71 points or 0.4 percent at 15,058.78, the Nasdaq is down 7.70 points or 0.2 percent at 3,428.88 and the S&P 500 is down 6.44 points or 0.4 percent at 1,627.26.
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