US Market Updates
11/3/2009 11:32 AM ET
(RTTNews) -
After moving lower at the open, stocks have seen continued weakness over the course of morning trading on Tuesday. While the major averages have not seen much follow-through on their initial downward move, they have remained stuck in negative territory.
The weakness in the markets comes as traders express renewed concerns about the outlook for the economy, with some traders cashing in on Monday's gains ahead of the Federal Reserve's announcement of its decision on interest rates.
Semiconductor stocks are turning in some of the market's worst performances, with Micron (MU) and SanDisk (SNDK) posting notable losses after Wedbush Morgan downgraded its ratings on both stocks and lowered their price targets.
While banking and pharmaceutical stocks are also under pressure, railroad stocks are seeing substantial strength after Berkshire Hathaway (BRKa) agreed to acquire Burlington Northern Santa Fe (BNI). Gold stocks have also shown a strong upward move.
The major averages have moved to the downside in the past few minutes, although they remain off their worst levels of the day. The Dow is currently down 63.86 at 9,725.58, the Nasdaq is down 12.73 at 2,036.47 and the S&P 500 is down 6.59 at 1,036.29.
by RTT Staff Writer
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