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Quick Take: Markets Lower; Retail, Tech Big Losers

NEW YORK ( TheStreet) -- It's the summer session for stocks, with very low volumes pushing indices lower on Tuesday. Giving us the breakdown for the first half of today's trading session is TheStreet's Joya Dass.

On Monday, market participants saw the lowest trading volume of the year. Tuesday remains slow, as many investors and traders are deep into their vacation schedule. However, that doesn't stop markets from moving, with the indices mostly in the red today.

Dass said that International Business Machine (IBM) was weighing heavily on the Dow Jones Industrial Average after it was downgraded by Credit Suisse. The firm cited a challenging growth environment going forward as the tech giant attempts to make a big shift into the cloud computing space.

Retail is another sector that is down Tuesday. American Eagle Outfitters (AEO) nearly cut its profit outlook in half, causing traders to push the stock lower by roughly 15%. As a result, other retailers such as The Gap (GPS) and Abercrombie & Fitch (ANF) are down as well.

She added that economic data have also remained slow, especially when compared to last week, although the U.S. trade deficit in July did narrow to its lowest levels in 3.5 years.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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