NEW YORK (AP) -- Stocks are down moderately in early trading following discouraging sales reports from many of the nation's big retailers, and word of big job cuts at AT&T and DuPont.

But while the market is receiving another stream of bad news, the pullback appears to be more orderly than some of the market's reactions to downbeat reports during the past few months. A decrease in panicked selling suggests the market is growing somewhat immune to the reports.

The Dow Jones industrials are down 32 at the 8,559 level and all the major indexes are down less than 1 percent.