After moving to the downside in early trading, stocks have seen continued weakness over the course of morning trading on Tuesday. The major averages remain stuck in negative territory after ending the previous session mixed.
The weakness on Wall Street comes as worries about continued gridlock in Washington regarding the debt ceiling has overshadowed a Commerce Department report showing stronger than expected retail sales growth.
Selling pressure has remained somewhat subdued, however, as traders continue to wait for earnings season to pick up steam before making any significant moves.
Nonetheless, computer hardware stocks are seeing notable weakness, with the NYSE Arca Computer Hardware Index down by 1 percent. Logitech (LOGI) is posting a steep loss after being downgraded to underperform by Credit Suisse.
Semiconductor and biotechnology stocks have also moved to the downside on the day, while some strength is visible among gold stocks.
The major averages have moved to the upside in recent trading but remain in the red. The Dow is down 19.52 points or 0.1 percent at 13,487.80, the Nasdaq is down 16.24 points or 0.5 percent at 3,101.26 and the S&P 500 is down 3.07 points or 0.2 percent at 1,467.61.
by RTT Staff Writer
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