Markets Right Now: Banks lead early losses for US stocks

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

9:35 a.m.

Stocks are opening slightly lower on Wall Street led by declines in banks and industrial companies.

Wells Fargo lost 1% early Wednesday and General Electric gave up 1.4%.

Traders will be closely watching testimony before Congress later in the day by Federal Reserve Chairman Jerome Powell. They hope he’ll provide more insight about the Fed’s future plans for interest rates.

The S&P 500 fell 5 points, or 0.2%, to 3,086.

The Dow Jones Industrial Average lost 17 points, or 0.1%, to 27,674. The Nasdaq fell 17 points, or 0.2%, to 8,468.

Bond prices rose. The yield on the 10-year Treasury fell to 1.87%.

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