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With commodities prices moving sharply lower, resource stocks are turning in some of the worst performances in early trading. Oil service stocks are posting particularly steep losses, as the price of oil falls nearly $3 a barrel.
Most of the other major sectors have also moved to the downside, with transportation and telecom stocks posting notable losses. On the other hand, some real estate and electronic storage stocks are bucking the downtrend.
In the past few minutes, the major averages have moved well off their lows for the young session, although they currently remain firmly negative. The Dow is currently down 49.13 at 8,231.61, the Nasdaq is down 10.80 at 1,785.72 and the S&P 500 is down 5.46 at 890.96.
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