Markets Right Now: Banks lead major US stock indexes lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
4 p.m.
Financial companies led a modest slide by stocks on Wall Street as a mixed batch of company earnings and declining bond yields weighed on the market.
The selling pulled every major sector lower on Tuesday, snapping a three-day winning streak for the S&P 500.
Banks took the biggest losses as investors reacted to another drop in long-term bond yields.
The yield on the 10-year Treasury note slipped to 1.55% from 1.59% late Monday.
Lower bond yields mean lower interest rates on loans and lower profits for banks. Bank of America dropped 2%.
The S&P 500 fell 23 points, or 0.8%, to 2,900.
The Dow Jones Industrial Average lost 173 points, or 0.7%, to 25,962. The Nasdaq fell 54 points, or 0.7%, to 7,948.
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11:45 a.m.
Stocks are moving broadly lower in midday trading on Wall Street after three days of gains.
Banks and makers of consumer products led the way lower Tuesday.
Bank of America lost 1.5% and Kimberly-Clark lost 1.4%.
Several big retailers were still releasing their latest quarterly results. TJX fell 1.6% after reporting sales that fell short of analysts' forecasts.
The S&P 500 fell 7 points, or 0.3%, to 2,915.
The Dow Jones Industrial Average lost 54, or 0.2%, to 26,083. The Nasdaq fell 11, or 0.1%, to 7,991.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.55% from 1.59%.
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9:35 a.m.
Stocks are opening slightly lower on Wall Street as major U.S. indexes give back a bit of the ground they won over the previous three days.
Technology companies and banks, which have tended to lead the market's gains recently, led the way lower in early trading on Tuesday.
Advanced Micro Devices gave up 2.2%, and Bank of America lost 1.3%.
Several big retailers were still reporting their latest quarterly results. Home Depot rose 3% after its earnings easily beat estimates.
The S&P 500 fell 11 points, or 0.4%, to 2,912.
The Dow Jones Industrial Average lost 60, or 0.2%, to 26,084. The Nasdaq fell 31, or 0.4%, to 7,970.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.55% from 1.59%.
