Last Updated: April 30th, 2009: 1:25 PM ET---The major US equity indices have retraced early gains and are approaching the unchanged levels with selling pressure most prevalent among financials and utilities. The recent turn lower may be due to news that Chrysler had finally filed for Chapter 11 bankruptcy as well, dampening the prospect of a quick economic recovery. Utilities (-0.8%) are leading the market lower while financials (-0.5%) follow. The Dow Jones is trading 0.4% lower 8,152, the Nasdaq is trading 0.2% higher to 1,716 and the S&P 500 is trading 0.3% lower to 871.

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