Markets Right Now: US stocks erase an early gain, turn lower

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

11:45 a.m.

Major U.S. stock indexes gave up an early gain and were slightly lower in midday trading on Wall Street.

Health care and energy companies fell more than the rest of the market Thursday. UnitedHealth Group lost 2.3% and Concho Resources gave up 5.3%.

Banks and industrial companies were still doing well. Bank were getting help from rising bond yields, which allows them to earn more income on bonds they hold and also to charge higher interest rates on loans.

JPMorgan Chase rose 0.5%.

The S&P 500 index fell 3 points, or 0.1%, to 2,885.

The Dow Jones Industrial Average fell 45 points, or 0.2%, to 26,112. The Nasdaq slipped 15 points, or 0.2%, to 7,949.

Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.50%.

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9:35 a.m.

Stocks are barely moving in early trading on Wall Street as gains for banks are offset by losses elsewhere in the market, including energy companies.

Banks were getting some help early Thursday from rising bond yields, which allows them to earn more income on bonds they hold and also to charge higher interest rates on loans.

JPMorgan Chase was up 0.6%.

Oil prices fell. That helped to pull energy companies lower. Concho Resources gave up 1.7%.

The S&P 500 index edged up half a point to 2,888.

The Dow Jones Industrial Average was little changed at 26,152. The Nasdaq slipped 3 points to 7,961.

Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.49%.