All of the major indices rose at the open of trading this week, but as the morning has gone on the market has turned south. The Dow, after being up more than 80 points earlier today, is now down by 61 points. The Nasdaq sits down by 19, and the S&P 500 is down by 11. 
Energy stocks have led the way on the downside much of the morning. Valero Energy Corporation (NYSE:VLO) currently trades lower by 3.53%. Marathon Oil Corporation (NYSE:MRO) shares are lower by 4.5%. Coal stocks are also lower on the day, led by Peabody Energy Corporation (NYSE:BTU) which is falling by 3.7%.
Capital goods stocks are lower on the day, with the sector as a whole losing almost 2% thus far today. All of the major construction sectors are quite weak today, continuing Friday's downtrend. Terex Corporation (NYSE:TEX) shares are lower by 3%. Manufacturing companies such as Manitowoc Company (NYSE:MTW) and Joy Global (Nasdaq:JOYG) are lower by 3.4% and 2.85% respectively. Housing stocks continue their terrible downtrend, with many of them hitting new 52 week lows today. KB Home (NYSE:KBH) shares hit a 52 week low this morning, falling by 4.4%. D.R. Horton Inc (NYSE:DHI) also hit a 52 week low of $13.65 as the homebuilders continue to feel the pain from the current housing downtrend.
The most disappointing sector on the day so far might be technology. Technology is not the weakest of sectors today, but with the news flow it would have been expected to be stronger. Intel Corporation (Nasdaq:INTC) came out this morning and lifted its Q3 revenue guidance. Even with that news the stock is only higher by 0.67% on the day, though the volume is very strong there. Many other technology names which might normally follow Intel higher are on the downside today. Dell Inc. (Nasdaq:DELL) is down by 2.65% on the day. EMC Corporation (NYSE:EMC) is lower by 2.27%. Qualcomm Inc. (Nasdaq:QCOM) shares are down by 2.11% on news of continued patent fight cases in court for the company.
The action in the markets today is somewhat disappointing given the Intel news and the positive open. The market is currently listening to all of the Federal Reserve speakers that are giving speeches today, and any one of those could significantly move the market at any point today.
Volume is running a little bit on the light side today, but right around normal. The major economic reports will not come out until later in the week, so it will be up to the breaking news to move the markets in either direction for the majority of the week.
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