Major Averages Slide Into Negative Territory In Morning Trading

(RTTNews) - Stocks have moved mostly lower in morning trading on Thursday, giving back some ground after ending the previous session sharply higher. The major averages have all moved to the downside, although selling pressure has remained somewhat subdued.

The weakness that has emerged on Wall Street comes as traders are cashing in on yesterday's gains amid uncertainty ahead of the release of tomorrow's closely watched monthly jobs report.

The Labor Department report is expected to show an increase of about 203,000 jobs in September following the addition of 173,000 jobs in August.

The jobs data could have a significant impact on expectations regarding whether the Federal Reserve will raise interest rates later this month.

Semiconductor stocks have shown a notable move to the downside on the day, dragging the Philadelphia Semiconductor Index down by 2.2 percent. The index is partly offsetting the 3.8 percent gain posted on Wednesday.

Computer hardware, utilities, and gold stocks are also seeing notable weakness, while significant strength has emerged among railroad stocks.

Currently, the major averages are stuck in negative territory. The Dow is down 107.16 points or 0.7 percent at 16,177.54, the Nasdaq is down 28.42 points or 0.6 percent at 4,591.74 and the S&P 500 is down 6.84 points or 0.4 percent at 1,913.19.