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Markets Right Now: Stocks fall as energy, retail stocks drop

Ryan Falvey Photo: AP
Ryan Falvey

May 22, 2019 03:22 PM

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

4 p.m.

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Stocks are closing lower on Wall Street Wednesday as energy companies and retailers bear the brunt of the declines.

Lowe's and Nordstrom were among the biggest decliners in the S&P 500 after the companies reported quarterly results that fell short of Wall Street's expectations.

Target was a bright spot in retail with a gain of 7.8% after its results handily topped analysts' forecasts.

Energy stocks fell as the price of oil slid 2.7%. Halliburton dropped 3.3%.

Tech stocks also declined. Qualcomm tumbled 11% after an adverse ruling in an antitrust case.

The S&P 500 index fell 8 points, or 0.3%, to 2,856.

The Dow dropped 100 points, or 0.4%, to 25,776. The Nasdaq slid 34 points, or 0.5%, to 7,750.

The yield on the 10 year Treasury slipped to 2.39%.

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11:55 a.m.

Stocks are lower at midday Wednesday as investors eye developments in the U.S.-China trade dispute.

Tech stocks declined. Efforts by the Trump administration to restrict technology sales to Chinese companies have caused volatility in shares of technology companies this week, particularly chipmakers.

Qualcomm fell 9% after a federal judge ruled the company unlawfully stifled competition in the market for cellphone chips.

Retailers continue to report quarterly results. Target rose 8% after its profits and sales exceeded expectations in the first quarter. Lowe's tumbled 11% after cutting its profit outlook.

The S&P 500 index fell 6 points, or 0.3%, to 2,857.

The Dow dropped 68 points, or 0.3%, to 25,808. The Nasdaq slid 29 points, or 0.4%, to 7,756.

The yield on the 10 year Treasury slipped to 2.39%.

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9:35 a.m.

Stocks are opening lower on Wall Street Wednesday as investors eye developments in the U.S.-China trade dispute and absorb a key ruling in an antitrust case involving chipmaker Qualcomm.

Reports say the U.S. may block several Chinese surveillance companies from buying American components. An earlier move targeting Chinese telecom company Huawei led to volatility in technology stocks this week.

Qualcomm fell 9% after a federal judge ruled the company unlawfully stifled competition in the market for cellphone chips.

Target rose 8% after its profits and sales exceeded expectations in the first quarter.

The S&P 500 index fell 7 points, or 0.3%, to 2,857.

The Dow dropped 60 points, or 0.2%, to 25,817. The Nasdaq slid 18 points, or 0.2%, to 7,767.

The yield on the 10 year Treasury slipped to 2.41%.

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(Copyright 2019 by The Associated Press. All Rights Reserved.)

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