Stocks Move Moderately Lower Amid Concerns About Greece - U.S. Commentary

(RTTNews) - Stocks have moved modestly lower in early trading on Monday, giving back some ground following the strong performance seen last week. The major averages have all slid into negative territory, although selling pressure has remained somewhat subdued.

Currently, the major averages remain stuck in the red. The Dow is down 62.91 points or 0.4 percent at 17,761.38, the Nasdaq is down 12.24 points or 0.3 percent at 4,732.16 and the S&P 500 is down 4.48 points or 0.2 percent at 2,050.99

The early weakness on Wall Street is partly due to concerns about the situation in Greece, which remains in debt negotiations with the other countries in the euro zone.

In a speech to parliament, new Greek Prime Minister Alexis Tsipras reiterated his pre-election pledge to roll back austerity and reject an extension of the international bailout.

Declaring "the bailout failed," Tsipras promised to raise the minimum wage, pay a pension bonus and rehire public workers.

Nonetheless, selling pressure has remained somewhat subdued, with a lack of major U.S. economic data keeping some traders on the sidelines.

While the economic calendar remains relatively light throughout the week, traders are likely to keep an eye reports on weekly jobless claims, retail sales, and consumer sentiment.

Most of the major sectors are showing only modest moves on the day, although considerable weakness has emerged among airline stocks.

Reflecting the weakness in the airline sector, the NYSE Arca Airline Index has tumbled by 2.7 percent. United Continental (UAL), Alaska Air (ALK), and Republic Airways (RJET) are posting notable losses.

On the other hand, gold and energy stocks are seeing considerable strength, moving higher along with commodities prices.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan's Nikkei 225 Index rose by 0.4 percent, while Hong Kong's Hang Seng Index fell by 0.6 percent.

Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index has slid by 0.5 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both down by 0.3 percent.

In the bond market, treasuries are showing a lack of direction after pulling back sharply over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its prices, is unchanged at 1.938 percent.