Major Averages Stuck In The Red In Mid-Day Trading

(RTTNews) - Stocks continue to see modest weakness in mid-day trading on Wednesday after turning lower earlier in the session. Selling pressure has remained relatively subdued, however, limiting the downside for the broader markets.

While many of the major sectors are showing only modest moves, considerable weakness remains visible among electronic storage stocks. The NYSE Arca Disk Drive Index is down by 2.5 percent after hitting its worst intraday level in a month.

DataLink (DTLK) has helped to lead storage sector lower, plunging by 15.6 percent after reporting weaker than expected first quarter results and providing disappointing second quarter guidance.

Gold stocks also remain under pressure in mid-day trading, as reflected by the 2.4 percent loss being posted by the NYSE Arca Gold Bugs Index. The weakness in the sector comes as gold for June delivery is sliding $4.20 to $1,189 an ounce.

Software, telecom, and utilities stocks are also seeing some weakness on the day, while notable strength has emerged among railroad stocks.

The major averages have moved roughly sideways in recent trading, stuck below the unchanged line. The Dow is down 47.51 points or 0.3 percent at 17,880.69, the Nasdaq is down 9.29 points or 0.2 percent at 4,930.04 and the S&P 500 is down 4.06 points or 0.2 percent at 2,085.40.