Markets Right Now: Tech weakness weighs on stock market

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

11:45 a.m.

A steep drop in technology companies sent U.S. stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average.

Banks and consumer-focused companies and media and communications stocks also took heavy losses Monday.

Apple sank 4.8 percent and Amazon lost 4.5 percent. Facebook gave up 2.5 percent and JPMorgan Chase fell 1.8 percent.

Crude oil prices were headed higher, snapping a 10-day skid, after Saudi Arabia said it planned to cut its output.

Athenahealth jumped 9.6 percent after the struggling medical billing software maker received a buyout offer.

The S&P 500 index fell 39 points, or 1.4 percent to 2,741.

The Dow Jones Industrial Average fell 413 points, or 1.6 percent, to 25,577. The Nasdaq composite lost 175 points, or 2.4 percent, to 7,231.

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9:35 a.m.

Stocks are opening moderately lower on Wall Street, led by declines in technology and internet companies.

Apple fell 3.7 percent in early trading Monday and Google’s parent company Alphabet gave up 1.5 percent.

Athenahealth jumped 9.6 percent after the struggling medical billing software maker received a $5.7 billion cash buyout offer.

The S&P 500 index fell 16 points, or 0.6 percent to 2,764.

The Dow Jones Industrial Average fell 113 points, or 0.5 percent, to 25,870. The Nasdaq composite lost 87 points, or 1.2 percent, to 7,319.