Major Averages Posting Modest Losses In Early Trading

(RTTNews) - Stocks have moved modestly lower in early trading on Monday, giving back some ground after trending higher over the past few weeks. The major averages have all moved to the downside, although selling pressure has remained relatively subdued.

The early weakness on Wall Street comes on the heels of the release of disappointing Chinese trade data, with a report from the Chinese General Administration of Customs showing that China swung to a trade deficit in February.

The data contributed to a significant sell-off by Chinese stocks, with the Shanghai Composite Index plunging by 2.9 percent.

Nonetheless, trading activity on Wall Street has remained somewhat subdued amid a lack of major U.S. economic data following the slew of data released last week.

Steel stocks have moved sharply lower, however, with worries about the outlook for Chinese demand weighing on the sector. The NYSE Arca Steel Index has fallen by 2.2 percent, hitting a five-month intraday low.

Gold, housing and defense stocks are also seeing early weakness, while most of the other major sectors are showing only modest moves.

The major averages are currently posting modest losses, near their lows for the young session. The Dow is down 66.73 points or 0.4 percent at 16,385.99, the Nasdaq is down 6.95 points or 0.2 percent at 4,329.27 and the S&P 500 is down 4.19 points or 0.2 percent at 1,873.85.