Markets Right Now: Banks lead US indexes slightly lower

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

4:00 p.m.

Stocks closed modestly lower on Wall Street for the second day running, led by declines in banks as investors worry how their trading businesses are doing.

Top executives from JPMorgan Chase and Bank of America said Wednesday that trading revenues were declining this quarter as markets remain calm. JPMorgan fell 2.1 percent and Bank of America fell 1.9 percent.

Energy companies fell along with a steep drop in the price of crude oil. Occidental Petroleum fell 2 percent.

Safe-play stocks like phone companies and utilities rose.

The Standard & Poor's 500 index slipped 1 percent, or 0.1 percent, to 2,411.

The Dow Jones industrial average lost 20 points, or 0.1 percent, to 21,008.

The Nasdaq composite gave up 4 points, or 0.1 percent, to 6,198.

___

11:45 a.m.

U.S. market indexes gave up an early gain and are trading lower at midday, led by drops in banks and small-company stocks.

Energy companies are also falling Wednesday as the price of oil slides more than 3 percent. That's canceling out gains for drug companies and household products makers.

Chesapeake Energy slumped 3.3 percent, while Eli Lilly rose 1.7 percent.

Safe-play stocks like utilities and consumer goods makers rose.

The Standard & Poor's 500 index fell 5 percent, or 0.2 percent, to 2,407.

The Dow Jones industrial average lost 34 points, or 0.2 percent, to 20,995.

The Nasdaq composite gave up 14 points, or 0.2 percent, to 6,188.

Bond prices didn't move much. The yield on the 10-year Treasury note held steady at 2.21 percent.

___

9:35 a.m.

Stocks are opening with tiny gains on Wall Street as technology stocks again take the lead.

Chipmaker Analog Devices jumped 5.3 percent early Wednesday after reporting earnings that were much higher than analysts were expecting.

Other technology stocks also rose. Texas Instruments rose 1 percent.

Phone companies were also higher. Verizon rose 0.7 percent.

The Standard & Poor's 500 index inched up 1 point, less than 0.1 percent, to 2,41.

The Dow Jones industrial average slipped 2 points, less than 0.1 percent, to 21,025.

The Nasdaq composite rose 13 points, or 0.2 percent, to 6,216. The Nasdaq, which is heavily weighted with technology stocks, was trading at a record high.