Major Averages Remain Stuck In The Red In Mid-Day Trading

(RTTNews) - Following the rally seen in the previous session, stocks have moved modestly lower over the course of the trading day on Friday. Selling pressure has remained relatively subdued, however, limiting the downside for the markets.

Oil service stocks continue to see considerable weakness in mid-day trading, with the Philadelphia Oil Service Index falling by 1.6 percent. With the drop, the index has fallen to its worst intraday level in well over two months.

The weakness among oil service stocks comes amid a notable decrease by the price of crude oil, with crude for July delivery tumbling $1.12 to $59.33 a barrel.

Natural gas, steel, and software stocks are also seeing some weakness on the day, although selling pressure has remained relatively subdued.

On the other hand, significant strength is visible among airline stocks, as reflected by the 1.2 percent gain being posted by the NYSE Arca Airline Index. American Airlines (AAL) and SkyWest (SKYW) are posting standout gains.

In recent trading, the Dow has pulled back to a new low for the session, with the blue chip index currently down 50.55 points or 0.3 percent at 18,065.29. The Nasdaq is down 10.76 points or 0.2 percent at 5,122.18 and the S&P 500 is down 5.68 points or 0.3 percent at 2,115.56.