Markets Right Now: Banks lead midday declines for US stocks

MarketsAssociated Press

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

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11:45 a.m.

U.S. stocks are mostly lower in midday trading on Wall Street, led by declines in banks as bond yields move lower.

Bank of America lost 1.8 percent Wednesday, while JPMorgan Chase gave up 1.2 percent.

European markets fell after a measure of the region's business sector fell to an 18-month low in May.

Target slid 5 percent after reporting that investments in its operations cut into its first-quarter profit.

Tiffany soared 20 percent after reporting earnings that were far higher than analysts were expecting.

The S&P 500 index fell 4 points, or 0.2 percent, to 2,719.

The Dow Jones industrial average lost 83 points, or 0.3 percent, to 24,750. The Nasdaq composite was little changed at 7,387.

Bond prices rose. The yield on the 10-year Treasury fell to 3.01 percent.

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9:35 a.m.

Stocks are opening lower on Wall Street following a late slide the day before.

Technology companies, energy companies and banks led declines in early trading Wednesday.

Hewlett Packard Enterpise dropped 7 percent and Cimarex Energy fell 2 percent.

Target slumped 4.9 percent after reporting profits that came in below analysts' forecasts.

Jewelry seller Tiffany soared 13.6 percent after its profits blew past Wall Street's expectations.

The S&P 500 index fell 11 points, or 0.4 percent, to 2,713.

The Dow Jones industrial average lost 108 points, or 0.4 percent, to 24,727. The Nasdaq composite fell 30 points, or 0.4 percent, to 7,348.

Bond prices rose. The yield on the 10-year Treasury fell to 3.02 percent.