Markets Right Now: Tech rout erases market's gain for year

Vincent Napolitano Photo: AP
Vincent Napolitano

November 20, 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 closing sharply lower, erasing the market's gains for the year, as losses for big technology companies like Apple mount.

Apple sank 4.8 percent Tuesday.

Retailers also fell sharply. Target plunged 10.5 percent after reporting weak results. Victoria's Secret parent company L Brands fell 17.7 percent.

Energy companies slumped as the price of oil sank 6.6 percent. Devon Energy lost 7.4 percent.

The S&P 500 fell 48 points, or 1.8 percent, to 2,641. The benchmark index is 9.9 percent below its September peak.

The Dow Jones Industrial Average lost 551 points, or 2.2 percent, to 24,465. It was down 648 earlier.

The Nasdaq lost 119 points, or 1.7 percent, to 6,908.

The selling was widespread. Five stocks fell for every one that rose on the New York Stock Exchange.

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11:45 a.m.

Stocks are skidding as weak results from retailers and mounting losses for big technology companies push the market back into the red for the year.

Energy companies are also slumping Tuesday because of a 5 percent drop in the price of oil.

Apple sank 2.8 percent and Microsoft lost 2.2 percent. Target plunged 10 percent after missing Wall Street's earnings estimates.

European tech stocks also fell. Nokia, a big supplier of telecom networks, fell 3 percent.

The S&P 500 fell 30 points, or 1.1 percent, to 2,660. The benchmark index is 9.2 percent below its September peak.

The Dow Jones Industrial Average lost 398 points, or 1.6 percent, to 24,628. It was down 596 earlier.

The Nasdaq lost 60 points, or 0.8 percent, to 6,968.

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10 a.m.

Stocks are skidding again on Wall Street as a tech rout continues and several big retailers report weak results.

Apple sank another 3.6 percent in early trading Tuesday and Microsoft gave up 3.3 percent. Target plunged 9.5 percent after missing Wall Street's earnings estimates.

Industrial companies are also falling. Boeing lost 3.8 percent

The early drops put major indexes back into the red for the year.

Tech stocks were among the biggest decliners in Europe, too. Nokia, a big supplier of telecom networks, fell 4 percent, and Ericsson lost 3.5 percent.

The S&P 500 fell 45 points, or 1.7 percent, to 2,644.

The Dow Jones Industrial Average lost 476 points, or 1.9 percent, to 24,526. It was down 524 earlier.

The Nasdaq lost 151 points, or 2.1 percent, to 6,883.

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9:35 a.m.

Stocks are opening sharply lower on Wall Street as a rout in major technology companies continued.

Apple sank another 3.8 percent in early trading Tuesday and Microsoft gave up 2.5 percent.

The early drops put major indexes back into the red for the year.

Tech stocks were among the biggest decliners in Europe, too. Nokia, a big supplier of telecom networks, fell 4 percent, while its Swedish rival Ericsson lost 3.5 percent.

The only stocks that rose were utilities and other safe-play companies.

The S&P 500 fell 36 points, or 1.3 percent, to 2,654.

The Dow Jones Industrial Average lost 421 points, or 1.7 percent, to 24,598. The Nasdaq lost 133 points, or 1.9 percent, to 6,893.

Bond prices rose. The yield on the 10-year Treasury fell to 3.05 percent.

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

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