Markets Right Now: Bank losses pull US stock indexes lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks edged lower in midday trading on Wall Street as a decline in banks offset solid gains in technology companies.
The losses Monday follow record high finishes for every major stock index last week. The S&P 500 index also pushed above 3,000 for the first time.
JPMorgan and Bank of America led banks lower as the sector leads the first round of second quarter corporate earnings reports.
Symantec slumped 14% after CNBC reported that deal talks between the cybersecurity company and Broadcom have ended.
The S&P 500 index slipped 5 points, or 0.2%, to 3,008.
The Dow Jones Industrial Average fell 33 points, or 0.1%, to 27,299. The Nasdaq lost 7 points, or 0.1%, to 8,237.
Bond prices rose. The yield on the 10-year Treasury fell to 2.09%.
Stocks are off to a mixed start on Wall Street as gains for technology companies are offset by losses in banks and other sectors.
Apple added 1.1% early Monday, but Citigroup fell 1.8% despite reporting higher profits in the latest quarter. Citi is the first big U.S. bank to report its second-quarter results.
Symantec slumped 13.7% after CNBC reported that deal talks between the cybersecurity company and Broadcom have ended.
The S&P 500 index was little changed at 3,013.
The Dow Jones Industrial Average edged up 6 points to 27,339. The Nasdaq added 7 points to 8,249.
Bond prices fell. The yield on the 10-year Treasury rose to 2.11%.