(RTTNews) - Stocks have shown a notable move to the downside over the course of morning trading on Friday, with the major averages pulling back further off their recent highs. Traders continue to cash in on recent gains amid a negative reaction to the latest batch of quarterly results.

With D.R. Horton (DHI) helping to lead the way lower after reporting a wider than expected fourth quarter loss, housing stocks are turning in some of the worst performances. The Philadelphia Housing Sector Index is currently down 2.9 percent.

Resource stocks are also under pressure, with oil service stocks posting particularly steep losses amid a notable drop by the price of crude oil. With crude for December delivery down $0.86 at $76.60 a barrel, the Philadelphia Oil Service Index is down 2.6 percent.

Significant weakness is also visible among technology stocks, which are seeing some further downside after turning in some of the worst performances on Thursday. The weakness in the sector is partly due to disappointing quarterly results from Dell (DELL).

The major averages have seen some further downside in recent trading, falling to new lows for the session. The Dow is currently down 57.36 at 10,275.08, the Nasdaq is down 18.55 at 2,138.27 and the S&P 500 is down 7.58 at 1,087.32.

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Posted in Categories: Economy, Releases, USA.

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