Markets Right Now: Another slump in tech drags stocks lower

By The Associated Press Markets Associated Press

The latest on developments in financial markets (All times local):

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4:00 p.m.

Technology stocks continued to slump, pulling the broader market lower.

Netflix, Apple and Amazon all fell sharply on Monday. Tech has been far outpacing the rest of the market this year.

Energy and phone companies, which have lagged the market, rose. Verizon climbed 1 percent and AT&T gained 0.7 percent.

General Electric jumped 3.6 percent after Jeff Immelt said he would step down as CEO. The stock has struggled in the 16 years Immelt has run the company.

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The Standard & Poor's 500 index fell 2 points, or 0.1 percent, to 2,429.

The Dow Jones industrial average lost 36 points, or 0.2 percent, to 21,235. The Nasdaq dropped 32 points, or 0.5 percent, to 6,175.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.21 percent.

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11:45 a.m.

Another decline in technology stocks is pulling U.S. market indexes lower in midday trading on Wall Street.

Netflix, Apple and Google's parent company Alphabet are all down in midday trading Monday. Tech has far outpaced the rest of the market this year.

Phone and energy companies, which have lagged the market this year, traded higher. Verizon rose 1.3 percent and AT&T gained 0.9 percent.

General Electric jumped 3.6 percent after Jeff Immelt said he would step down as CEO.

The Standard & Poor's 500 index fell 6 points, or 0.3 percent, to 2,425.

The Dow Jones industrial average lost 60 points, or 0.3 percent, to 21,211. The Nasdaq dropped 45 points, or 0.8 percent, to 6,161.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.19 percent.

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9:35 a.m.

U.S. stock indexes are slightly lower in early trading, while big technology companies take more losses following a plunge last week.

Apple sank 3.7 percent early Monday, while Netflix lost 3.2 percent and Google's parent company Alphabet fell 1.9 percent. Technology stocks have far outpaced the rest of the market so far this year.

General Electric jumped 5 percent after Jeff Immelt said he would step down as CEO. John Flannery, the head of GE's health care division, will take over in August.

The Standard & Poor's 500 index fell 5 points, or 0.2 percent, to 2,426.

The Dow Jones industrial average lost 18 points, or 0.1 percent, to 21,251. The Nasdaq composite dropped 60 points, or 1 percent, to 6,146.