Markets Right Now: Stocks drift mostly lower on Wall Street

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

11:45 a.m.

Stocks are drifting mostly lower on Wall Street after a big rally the day before.

Technology companies are slipping Thursday after chipmaker Qualcomm gave a disappointing revenue forecast for the current quarter. Qualcomm slumped 7.2 percent.

Drugmaker Perrigo fell 14.5 percent after predicting weak sales.

Monster Beverage dropped 3.8 percent after the company said Coca-Cola has developed energy drinks that would compete with its own products.

The S&P 500 index slipped less than 1 point to 2,813. It rose 2.1 percent a day earlier.

The Dow Jones Industrial Average rose 74 points, or 0.3 percent, to 26,256. The Nasdaq composite slipped 18 points, or 0.2 percent, to 7,551.

More stocks fell than rose on the New York Stock Exchange.

The yield on the 10-year Treasury held steady at 3.23 percent.

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9:35 a.m.

Stocks are opening modestly lower on Wall Street as the market gives back some of its big gains from the day before.

Technology companies had some of the biggest losses early Thursday. Chipmaker Qualcomm sank 7.8 percent after giving a weak sales forecast.

Drugmaker Perrigo also fell 11.3 percent after predicting weak sales.

Monster Beverage plunged 9.6 percent after the company said Coca-Cola has developed energy drinks that would compete with its own products.

The S&P 500 index fell 5 points, or 0.2 percent to 2,808. It rose 2.1 percent a day earlier.

The Dow Jones Industrial Average was little changed at 26,174. The Nasdaq composite gave back 34 points, or 0.5 percent, to 7,534.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.21 percent.