Major Averages Slide Firmly Into Negative Territory In Early Trading

(RTTNews) - Stocks have moved mostly lower in early trading on Friday, giving back some ground on the heels of the strength seen in the two previous sessions. The major averages have slid firmly into negative territory but remain well off Tuesday's lows.

Concerns about Greece's stalled negotiations with its international creditors are contributing to the early weakness on Wall Street following yesterday's news that the International Monetary Fund has halted bailout talks.

With a repayment deadline looming at the end of the month, the lack of progress in the talks has led to renewed worries about a possible default by Greece.

Meanwhile, traders have largely shrugged off the latest batch of U.S. economic data, including a report from the University of Michigan showing a much bigger than expected improvement in consumer sentiment in June.

Biotechnology stocks have shown a significant move to the downside in early trading, dragging the NYSE Arca Biotechnology Index down by 1.8 percent.

Agios Pharmaceuticals (AGIO) is leading the biotech sector lower, tumbling by 13.8 percent despite reporting an impressive response rate for its leukemia treatment.

Steel, energy, and pharmaceutical stocks are also seeing considerable weakness, while airline 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 down 146.80 points or 0.8 percent at 17,892.57, the Nasdaq is down 35.69 points or 0.7 percent at 5,046.82 and the S&P 500 is down 15.54 points or 0.7 percent at 2,093.32.