Stocks have shown a notable move to the downside in early trading on Friday amid lingering concerns about the outlook for the Federal Reserve's asset purchase program. The major averages have slid firmly into negative territory, adding to the modest losses posted in the previous session.
The early weakness on Wall Street comes following the release of a report from the Commerce Department showing a bigger than expected rebound in durable goods orders in the month of April.
While the report suggests an impending recovery in manufacturing activity following a recent pullback, the data has added to worries that the Fed will taper its stimulus in the near future.
Health insurance stocks are seeing considerable weakness in early trading, dragging the Morgan Stanley Healthcare Payor Index down by 1.7 percent. Centene (CNC) and Health Net (HNT) are turning in two of the sector's worst performances.
Software, housing, and natural gas stocks are also seeing early weakness, while most of the other major sectors have shown more modest moves to the downside.
The major averages are currently posting notable losses, near their lows for the young session. The Dow is down 63.43 points or 0.4 percent at 15,231.07, the Nasdaq is down 20.31 points or 0.6 percent at 3,439.11 and the S&P 500 is down 10.45 points or 0.6 percent at 1,640.06.
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