Markets Right Now: An early rally gone, stocks slide at noon
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are turning lower on Wall Street at midday, erasing an early rally, as traders wait to if any details emerge about progress being reported in trade talks between the U.S. and China.
Technology, health care and communications companies gave back the most Monday.
Salesforce.com sank 4.9 percent, UnitedHealth Group fell 3.6 percent and AT&T, which announced a big restructuring of its WarnerMedia division, which includes HBO and several other cable channels.
The S&P 500 index fell 26 points, or 0.9 percent, to 2,777.
The Dow Jones Industrial Average lost 300 points, or 1.1 percent, to 25,720. The Nasdaq declined 75 points, or 1 percent, to 7,519.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.72 percent.
Stocks are opening broadly higher on Wall Street following reports that the U.S. and China are getting closer to a deal on trade.
Technology stocks, industrial and internet companies were among the biggest gainers in early trading Monday.
Apple climbed 1.1 percent and General Electric added 1.9 percent.
Office Depot rose 1.7 percent after announcing a partnership with Chinese online retailing giant Alibaba.
The S&P 500 index rose 11 points, or 0.4 percent, to 2,814.
The Dow Jones Industrial Average rose 102 points, or 0.4 percent, to 26,129. The Nasdaq rose 45 points, or 0.6 percent, to 7,641.
Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 2.75 percent.