(RTTNews) - While selling pressure has waned from earlier in the session, stocks are seeing continued weakness in mid-afternoon trading on Friday. The major averages all remain firmly in negative territory, although they have moved well off their worst levels of the day.

Weakness among technology stocks is weighing on the markets, with Dell (DELL) leading the sector lower after the computer giant reported weaker than expected second quarter earnings. Shares of Dell are currently down 12.4 percent after hitting a seven-week intraday low.

The news from Dell is contributing to notable weakness among other computer hardware stocks, with semiconductor, wireless, and networking stocks also under pressure. Outside of the tech sector, gold, utilities, and natural gas are also posting notable losses.

Meanwhile, airline stocks are seeing considerable strength after posting steep losses earlier in the session. The oil-sensitive sector has benefited from a pullback by the price of oil, with crude for October delivery currently down $0.22 a barrel after being up more than $3 a barrel at its high.

The major averages have been rangebound in recent trading, stuck in the red but still well off their lows for the session. The Dow is currently down 115.53 at 11,599.65, the Nasdaq is down 36.33 at 2,375.31 and the S&P 500 is down 11.12 at 1,289.56.

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Posted in Categories: Economy, Releases, USA.

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