Major Averages Posting Modest Losses In Early Trading

(RTTNews) - Stocks have moved modestly lower in early trading on Friday, giving back some ground following the upward move seen over the past few sessions. The major averages have dipped into negative territory, although selling pressure has remained subdued.

The early weakness on Wall Street may be partly due to profit taking following the recent gains, which lifted the tech-heavy Nasdaq to new record highs on Thursday.

Concerns about the situation in Greece may also be weighing on the markets as the debt-laden country remains at an impasse with its international creditors.

A meeting of European finance ministers on Thursday did not make any significant progress, and eurozone leaders are set to hold an emergency summit on Monday to discuss the issue again.

After bucking the uptrend seen in the previous session, oil service stocks have shown another notable move to the downside. The Philadelphia Oil Service Index is down by 1.1 percent, falling to its lowest intraday level in over two months.

The weakness among oil service stocks comes amid a decrease by the price of crude oil, with crude for July delivery sliding $0.86 to $59.59 a barrel.

Software and electronic storage stocks are also seeing some early weakness, while strength is visible among airline and housing stocks.

Currently, the major averages remain stuck in the red. The Dow is down 28.66 points or 0.2 percent at 18,087.18, the Nasdaq is down 11.84 points or 0.2 percent at 5,121.11 and the S&P 500 is down 3.00 points or 0.1 percent at 2,118.24.