India, Dec. 6 -- Stocks have shown a substantial move to the downside in morning trading on Thursday following the national day of mourning on Wednesday. The major averages are posting steep losses, extending the sharp pullback seen on Tuesday.

In recent trading, the Dow and the S&P 500 hit new lows for the session. The Dow is down 613.65 points or 2.5 percent at 24,413.42, the Nasdaq is down 130.91 points or 1.8 percent at 7,027.52 and the S&P 500 is down 61.11 points or 2.3 percent at 2,738.95.

The continued sell-off on Wall Street reflects skepticism about the potential for a long-term trade agreement between the U.S. and China after the arrest of a top executive at Chinese tech giant Huawei.

Huawei CFO Meng Wanzhou was arrested in Ca...