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The initial weakness is partly due to the release of a report from the Labor Department showing an unexpected increase in initial jobless claims in the week ended June 20th. The data has generated some pessimism about the near-term outlook for the economy.
After seeing considerable strength in the previous session, semiconductor stocks are turning in some of the worst performances in early trading. Real estate and chemical stocks are also posting notable losses, while tobacco and healthcare stocks are bucking the downtrend.
The major averages have seen some further downside in recent trading, falling to new lows for the young session. The Dow is currently down 32.80 at 8,267.06, the Nasdaq is down 12.17 at 1,780.17 and the S&P 500 is down 3.40 at 897.54.
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