Major Averages Slide Into Negative Territory In Early Trading

(RTTNews) - Stocks have moved to the downside in early trading on Monday, adding to the losses posted last week. The major averages have all slid into negative territory, although the tech-heavy Nasdaq is underperforming its counterparts.

Uncertainty ahead of the Federal Reserve's monetary policy announcement on Wednesday is contributing to the early weakness on Wall Street.

The Fed is widely expected to announce a further reduction in the pace of its asset purchases, although traders are likely to pay closer attention to any suggestions regarding the outlook for interest rates.

Recent upbeat economic data has led to some concerns that the Fed may signal that it plans to begin raising rates sooner than previously anticipated.

Traders are also digesting some disappointing Chinese economic reports as well as a mixed batch of U.S. economic data.

Biotechnology stocks have shown a significant move to the downside, dragging the NYSE Arca Biotechnology Index down by 1.5 percent. Exact Sciences (EXAS), Nektar Therapeutics (NKTR) and Gilead Sciences (GILD) are posting notable losses.

Electronic storage, internet, and networking stocks are also seeing considerable weakness, contributing to the steep loss being posted by the Nasdaq.

Currently, the major averages remain stuck in the red. The Dow is down 23.73 points or 0.1 percent at 16,963.78, the Nasdaq is down 39.03 points or 0.9 percent at 4,528.57 and the S&P 500 is down 6.06 points or 0.3 percent at 1,979.48.