Markets Right Now: Tech weakness pulls stock indexes lower

Markets Right Now: Tech weakness pulls stock indexes lower Photo: AP

August 15, 2018 03:21 PM

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

4 p.m.

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Stocks are ending broadly lower on Wall Street led by declines in technology companies.

A surprise drop in profits for the Chinese internet giant Tencent Wednesday led to widespread declines for technology stocks. The drop got investors worried about demand for high-tech products as well as economic growth.

Macy's plunged 15.9 percent after reporting lower sales.

Slumping prices for oil and copper sent energy and mining companies lower. Freeport-McMoRan slumped 7.7 percent.

Safe-play stocks like utilities and phone companies rose.

The S&P 500 index lost 21 points, or 0.8 percent, to 2,818.

The Dow Jones Industrial Average dropped 137 points, or 0.5 percent, to 25,162. The Nasdaq composite fell 96 points, or 1.2 percent, to 7,774.

Bond prices rose. The yield on the 10-year Treasury fell to 2.86 percent.

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11:45 a.m.

Global stocks are sinking as an unexpected drop in profits for Chinese tech giant Tencent has investors worrying about economic growth.

U.S.-listed stocks of other big Chinese internet companies fell Wednesday. JD.com sank 6.9 percent and Baidu dropped 2.3 percent.

Energy companies fell as crude oil prices dropped. Newfield Exploration fell 4.2 percent.

The price of copper, a key economic indicator, also fell sharply. That sent mining stocks lower. Freeport-McMoRan slumped 9.6 percent.

Macy's plunged 13.9 percent after saying its sales slowed.

The S&P 500 index lost 31 points, or 1.1 percent, to 2,808.

The Dow Jones Industrial Average dropped 259 points, or 1 percent, to 25,041. The Nasdaq fell 127 points, or 1.6 percent, to 7,743.

Bond prices rose. The yield on the 10-year Treasury fell to 2.85 percent.

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9:35 a.m.

Stocks are opening broadly lower on Wall Street as technology companies turn lower.

U.S.-listed stocks of Chinese internet companies were falling in early trading Wednesday following a rare profit drop by China's Tencent, a gaming and messaging company.

JD.com sank 4.7 percent and Baidu dropped 1.9 percent.

U.S. tech companies also fell. Western Digital gave up 3.8 percent.

The S&P 500 index lost 14 points, or 0.5 percent, to 2,825.

The Dow Jones Industrial Average dropped 128 points, or 0.5 percent, to 25,168. The Nasdaq fell 42 points, or 0.5 percent, to 7,829.

Bond prices rose. The yield on the 10-year Treasury fell to 2.87 percent.

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(Copyright 2018 by The Associated Press. All Rights Reserved.)

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