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

(RTTNews) - Stocks continue to see significant weakness in mid-day trading on Tuesday after moving sharply lower at the open. The losses on the day have more than offset yesterday's modest gains, with the Nasdaq poised to end its six-day winning streak.

A negative reaction to earnings news from several big-name companies has contributed to the day's sell-off on Wall Street.

Shares of Microsoft (MSFT) have shown a particularly steep drop after the software giant reported second quarter earnings that matched analyst estimates but provided disappointing guidance. Microsoft is currently down by 9.3 percent.

With Microsoft leading the way lower, software stocks are seeing substantial weakness on the day. The Dow Jones Software Index has plunged by 5.2 percent to its lowest intraday level in three months.

Along with Microsoft, Symantec (SYMC) and CA Technologies (CA) are also posting notable losses in mid-day trading.

Computer hardware stocks have also come under pressure on the day, extending the downward move seen in the previous session. Reflecting the weakness in the sector, the NYSE Arca Computer Hardware Index has fallen by 2.6 percent.

Semiconductor, telecom, internet, and trucking stocks are also seeing considerable weakness, moving lower along with most of the other major sectors.

Meanwhile, gold stocks are among the few groups bucking the downtrend, with the NYSE Arca Gold Bugs Index jumping by 2.8 percent. The strength in the sector comes as gold for February delivery is climbing $15.10 to $1,294.50 an ounce.

The major averages have moved roughly sideways in recent trading, stuck firmly in negative territory. The Dow is down 358.22 points or 2 percent at 17,320.48, the Nasdaq is down 87.54 points or 1.8 percent at 4,684.23 and the S&P 500 is down 29.71 points or 1.4 percent at 2,027.38.