Dow Nearly Flat In Early Trading, Nasdaq And S&P 500 Firmly Negative

(RTTNews) - Stocks have moved mostly lower in early trading on Wednesday, giving back some ground after ending the two previous sessions sharply higher. While the Dow is lingering near the unchanged line, the broader Nasdaq and S&P 500 have slid firmly into the red.

The early weakness on Wall Street is partly due to a sharp pullback by the price of crude oil, which is moving back to the downside after spiking higher in the three previous sessions.

Crude for March delivery is currently tumbling $2.77 to $50.28 a barrel after ending the previous session at its highest closing level of the New Year.

Negative sentiment has also been generated by a report showing weaker than expected private sector job growth, with the data raising concerns about Friday's Labor Department report.

Biotechnology stocks have shown a significant move to the downside in early trading, extending a recent downward move. The NYSE Arca Biotechnology Index has fallen by 2.6 percent, hitting its lowest intraday level in almost a month.

Gilead Sciences (GILD) and Myriad Genetics (MYGN) are leading the biotech sector lower after reporting their quarterly results.

Significant weakness has also emerged among steel stocks, as reflected by the 2 percent loss being posted by the NYSE Arca Steel Index. The index is giving back ground after moving notably higher over the past three sessions.

Trucking, energy, and healthcare stocks are also seeing early weakness, while airline stocks are turning in a strong performance on the day.

Currently, the major averages are all in negative territory, although the Dow is down only 1.89 points or less than a tenth of a percent at 17,664.51. The Nasdaq is down 23.01 points or 0.5 percent at 4,704.73, and the S&P 500 is down 7.76 points or 0.4 percent at 2,042.27.