Markets Right Now: Tech companies lead losses for US stocks

Markets Associated Press

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

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4 p.m.

Technology companies led a broad slide for U.S. stocks, extending the market's losses from a day earlier.

Big tech names, which have far outpaced the rest of the market this year, took modest losses Wednesday. Chipmaker Nvidia lost 2 percent.

Companies that make consumer products also were big decliners. Energy stocks fell as the price of crude oil closed lower a day after its biggest loss since October.

Banks and phone companies rose. Bank of America gained 2.1 percent.

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The Standard & Poor's 500 index fell 14 points, or 0.6 percent, to 2,564.

The Dow Jones industrial average lost 138 points, or 0.6 percent, to 23,271. The Nasdaq composite fell 31 points, or 0.5 percent, to 6,706.

Bond prices rose. The yield on the 10-year Treasury fell to 2.33 percent.

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11:45 a.m.

Stocks are lower at midday on Wall Street, with the largest losses going to technology and energy companies.

Chipmaker Nvidia slumped 2 percent Wednesday, and Halliburton dropped 2.9 percent.

The price of oil was down 0.7 percent, a day after its biggest loss since October.

Target slumped 9 percent after issuing a weak forecast for the holiday shopping season. Other retailers were also lower.

The Standard & Poor's 500 index fell 9 points, or 0.4 percent, to 2,568.

The Dow Jones industrial average lost 104 points, or 0.4 percent, to 23,306. The Nasdaq composite index fell 24 points, or 0.4 percent, to 6,712.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.35 percent.

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9:35 a.m.

Stocks are opening lower on Wall Street, with the largest losses going to technology companies and banks.

Apple was off 1.4 percent in early trading Wednesday, while JPMorgan Chase was down about 1 percent.

Target slumped 9 percent after issuing a weak forecast for the holiday shopping season. Other retailers were also lower.

The Standard & Poor's 500 index fell 18 points, or 0.7 percent, to 2,559.

The Dow Jones industrial average lost 158 points, or 0.7 percent, to 23,247. The Nasdaq composite index fell 64 points, or 1 percent, to 6,673.