Major Averages Move Moderately Lower In Early Trading

(RTTNews) - Stocks have moved mostly lower in early trading on Tuesday, giving back ground after trending higher for much of the past two weeks. The major averages have all slid into negative territory, although selling pressure remains somewhat subdued.

The early pullback on Wall Street is partly due to weakness in the overseas markets, with stocks across both the Asia-Pacific region and Europe moving sharply lower on the day.

Concerns about the political situation in Greece are contributing to the weakness in Europe after the country's parliament failed to elect a president.

Worries about the impact that the recent drop in crude oil prices will have on the oil and gas industry is also weighing on the markets.

Oil service stocks are turning in some of the market's worst performances, resulting in a 1.2 percent drop by the Philadelphia Oil Service Index.

Natural gas, oil producer, and utilities stocks are also seeing early weakness, while gold stocks have moved sharply higher along with the price of the precious metal.

In recent trading, the major averages have bounced off their lows for the young session, but they remain in the red. The Dow is down 48.30 points or 0.3 percent at 17,989.93, the Nasdaq is down 15.97 points or 0.3 percent at 4,790.94 and the S&P 500 is down 6.25 points or 0.3 percent at 2,084.32.