Markets Right Now: Weak factory report sinks stock market
NEW YORK (AP) — The latest on developments in financial markets (all times local):
The stock market stumbled after a surprise contraction in manufacturing last month renewed worries that President Donald Trump’s trade wars were hurting the economy.
The market had been rallying early Tuesday until the Institute for Supply Management reported that the manufacturing sector reached its lowest level in more than a decade.
Industrial stocks fell hard. 3M gave back 3.7%.
TD Ameritrade plunged 25.8% after rival Charles Schwab eliminated commissions for online trading, escalating a price war. Schwab fell 9.7%.
The S&P 500 fell 36 points, or 1.2%, to 2,940.
The Dow Jones Industrial Average lost 343 points, or 1.3%, to 26,573. The Nasdaq fell 90 points, or 1.1%, to 7,908.
Bond prices jumped as investors sought out safer assets. The yield on the 10-year Treasury dropped to 1.64%.
A surprise contraction in U.S. manufacturing last month knocked the stock market lower, erasing an early rally.
The report from the Institute for Supply Management Tuesday fanned fears that the U.S.-China trade war is slowing down economic growth.
Charles Schwab plunged after eliminating commissions for online trading, escalating a price war with other online brokerages.
Rivals TD Ameritrade and ETrade Financial lost about a fifth of their value.
The S&P 500 fell 20 points, or 0.7%, to 2,955.
The Dow Jones Industrial Average lost 219 points, or 0.8%, to 26,694. The Nasdaq gave up 47 points, or 0.6%, to 7,952.
Bond prices jumped after the ISM report as investors sought out safe assets. The yield on the 10-year Treasury dropped to 1.62% from 1.73%, a big move.
Stocks are opening higher on Wall Street led by gains in technology and communications stocks.
Apple rose 1.3% and Amazon climbed 1% in the first few minutes of trading Tuesday.
Charles Schwab plunged 8.5% after the company said it was eliminating trading commissions on stocks, exchanged-traded funds and options.
Global markets were mixed after the World Trade Organization sharply cut its forecasts for trade growth this year and next.
The S&P 500 rose 13 points, or 0.4%, to 2,990.
The Dow Jones Industrial Average rose 111 points, or 0.4%, to 27,029. The Nasdaq rose 47 points, or 0.6%, to 8,047.
Bond prices fell. The yield on the 10-year Treasury rose to 1.73%.