Markets Right Now: Stocks sink on China slowdown fears

Associated Press
Trader Joseph Lawler works on the floor of the New York Stock Exchange, Monday, Jan. 28, 2019. Stocks are opening broadly lower on Wall Street as traders worry about the impact on U.S. companies of a slowdown in China's economy. (AP Photo/Richard Drew)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

Stocks are closing broadly lower on Wall Street as traders worry about the impact on U.S. companies of a slowdown in China's economy.

Caterpillar dropped 9.1 percent Monday after the heavy equipment maker reported earnings that were far below what analysts were expecting.

Nvidia sank 13.8 percent after the chipmaker issued a poor outlook, also blaming weakness in China.

U.S.-listed shares of Vale plunged 18 percent. The Brazilian mining operator faces potentially hefty legal and financial challenges in the wake of a deadly mine disaster.

The S&P 500 index fell 20 points, or 0.8 percent, to 2,643.

The Dow Jones Industrial Average lost 208 points, or 0.8 percent, to 24,528. The Nasdaq dropped 79 points, or 1.1 percent, to 7,085.

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11:45 a.m.

Stocks are moving broadly lower on Wall Street as traders worry about the impact on U.S. companies of a slowdown in China's economy.

Caterpillar dropped 9.7 percent in midday trading Monday after the heavy equipment maker reported earnings that were far below what analysts were expecting. The company said its sales were slowing in China.

Chipmaker Nvidia sank 14.1 percent after issuing a poor outlook, also blaming weakness in China.

The S&P 500 index fell 37 points, or 1.4 percent, to 2,627.

The Dow Jones Industrial Average lost 377 points, or 1.5 percent, to 24,360. The Nasdaq dropped 120 points, or 1.7 percent, to 7,044.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.74 percent.

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9:35 a.m.

Stocks are opening broadly lower on Wall Street as traders worry about the impact on U.S. companies of a slowdown in China's economy.

Caterpillar dropped 8.2 percent in early trading Monday after the heavy equipment maker reported earnings that were far below what analysts were expecting. The company said it sales were slowing in China.

Chipmaker Nvidia sank 17.6 percent after issuing a poor outlook, also blaming weakness in China.

The S&P 500 index fell 29 points, or 1.1 percent, to 2,635.

The Dow Jones Industrial Average lost 329 points, or 1.3 percent, to 24,407. The Nasdaq dropped 104 points, or 1.5 percent, to 7,056.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.74 percent.