(RTTNews) - Stocks moved modestly lower at the start of trading on Tuesday, with the major averages giving back some ground after ending the previous session notably higher. Selling pressure has been somewhat subdued, however, limiting the downside for the markets.

Most of the major sectors have moved lower in early trading, although most are showing only modest moves to the downside. Nonetheless, notable weakness has emerged among railroad, computer hardware and banking stocks.

The choppy trading comes following the release of some mixed economic data, with some traders away from their desks ahead of the Thanksgiving Day holiday.

Before the start of trading, the Commerce Department released a report showing a downward revision to pace of GDP growth in the third quarter, although the data continued to show growth in the economy following four consecutive quarters of contraction.

The report showed that GDP increased by an annual rate of 2.8 percent in the third quarter compared to the 3.5 percent growth that had been reported last month. Economists had been expecting the pace of GDP growth to be revised down to about 2.9 percent.

Separately, Standard and Poor’s said home prices in the twenty major metropolitan areas in the U.S. decreased at a slower annual rate in the month of September.

The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 9.4 percent in September compared to an 11.3 percent decrease in August. Economists had been expecting prices to decrease at a 9.1 percent annual rate.

S&P noted that the index has generally seen improvement in its annual rate of return every month since the beginning of the year.

The major averages are currently posting modest losses, off their lows for the young session. The Dow is currently down 16.03 at 10,434.92, the Nasdaq is down 4.82 at 2,171.19 and the S&P 500 is down 1.80 at 1,104.44.

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Posted in Categories: Economy, Releases.

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