Markets Right Now: Stocks slip to small losses at midday
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks lost their early momentum by midday Tuesday as technology stocks turned lower.
The Dow Jones industrials slipped 9 points to 26,053, after rising as much as 177 points just after trading began.
Tech stocks, which have helped lead the market’s rally in June, suffered late-morning losses. Advanced Micro Devices fell 3.4% and Adobe dropped 2%.
Shares of manufacturers also declined. Raytheon and United Technologies, which announced a big merger Sunday, fell sharply and other defense companies dropped as well.
H&R Block rose 1.7% after the tax preparation company said fiscal fourth profit topped expectations.
The S&P 500 index slipped 3 points, or 0.1%, to 2,883. Still, the benchmark index is up nearly 5% so far this month. The Nasdaq dropped 14 points, or 0.2%, to 7,808.
Stocks are rising early Tuesday as Wall Street continues to thrive in June.
The S&P 500 index rose 24 points, or 0.9%, to 2,911. The benchmark index is up nearly 5% so far this month after a 6.6% decline in May.
Technology stocks rose. Broadcom shares gained 2% after the chip maker reached a deal to supply components to Apple.
Tesla gained 2.3% ahead of its annual shareholder meeting, where CEO Elon Musk is expected to be asked about the company’s stock price, which is down 36% this year.
Heavy equipment maker Caterpillar rose 2.4% as mining stocks rallied.
The Dow Jones industrials rose 173 points, or 0.7%, to 26,236. The Nasdaq gained 82 points, or 1.1%, to 7,905.