Major Averages Posting Modest Losses In Early Trading

(RTTNews) - After turning in a strong performance last week, stocks are seeing modest weakness in early trading on Monday. The major averages have all moved to the downside, although selling pressure has remained relatively subdued.

The early weakness on Wall Street comes amid uncertainty ahead of the Federal Reserve's two-day monetary policy meeting later this week.

The Fed is scheduled to announce its policy decision Thursday afternoon, although analysts remain split regarding whether the central bank will raise interest rates.

While upbeat economic data points to the first rate hike in nearly a decade, the recent market volatility and concerns about developing economies may keep the Fed on hold.

Most of the major sectors are showing only modest moves on the day, although steel stocks have fallen sharply amid worries about the Chinese economy.

Reflecting the weakness in the steel sector, the NYSE Arca Steel Index has tumbled by 2.2 percent. Allegheny Technologies (ATI) and Cliffs Natural Resources (CLF) are posting notable losses.

Energy, chemical, and telecom stocks have also moved lower, while modest strength has emerged among utilities stocks.

Currently, the major averages remain in the red but are off their lows for the young session. The Dow is down 40.82 points or 0.3 percent at 16,392.27, the Nasdaq is down 14.43 points or 0.3 percent at 4,807.92 and the S&P 500 is down 5.39 points or 0.3 percent at 1,955.66.