Major Averages Slide Into Negative Territory In Early Trading

(RTTNews) - Stocks have moved mostly lower in early trading on Friday, extending the notable downward move seen in the previous session. The major averages have slid into negative territory, with the Dow falling to its lowest levels in six months.

A negative reaction to the Labor Department's highly anticipated monthly jobs report is contributing to the early weakness on Wall Street.

The report showed somewhat weaker than expected job growth in July, but the data was widely seen as strong enough to support an increase in interest rates in September.

Considerable weakness has emerged among tobacco stocks, as reflected by the 2.8 percent loss being posted by the NYSE Arca Tobacco Index. Universal (UVV) is leading the sector lower after reporting a first quarter net loss.

Biotechnology and trucking stocks are also seeing early weakness, while gold stocks have shown a strong move to the upside.

The major averages have recently climbed off their lows for the young session but remain in the red. The Dow is down 64.08 points or 0.4 percent at 17,355.67, the Nasdaq is down 21.40 points or 0.4 percent at 5,035.04 and the S&P 500 is down 6.21 points or 0.3 percent at 2,077.35.