Major Averages Move To The Downside At The Start Of Trading

(RTTNews) - After ending the previous session mostly lower, stocks saw some further downside at the start of trading on Wednesday. The major averages all fell into the negative territory, with the Dow pulling back further off Monday's record closing high.

The initial weakness on Wall Street partly reflected a negative reaction to the vague communique issued by China's Communist Party following the completion of the Third Plenum meeting.

A number of traders had been expecting China to reveal actionable financial reforms and were disappointed by the statement.

Uncertainty about the outlook for the Federal Reserve's stimulus program also continues to weigh on the markets amid another quiet day on the U.S. economic front.

Steel stocks have shown a notable move to the downside in early trading, dragging the NYSE Arca Steel Index down by 1.2 percent. Mechel (MTL) is posting a particularly steep loss on the day, tumbling by 22.9 percent.

Oil service, utilities, and airline stocks are also seeing early weakness, although selling pressure has waned since the open.

The major averages have climbed well off their lows for the young session but currently remain in the red. The Dow is down 48.48 points or 0.3 percent at 15,702.19, the Nasdaq is down 5.54 points or 0.1 percent at 3,914.38 and the S&P 500 is down 2.95 points or 0.2 percent at 1,764.74.