Markets Right Now: First loss this week for US stocks

MarketsAssociated Press

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

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4 p.m.

The stock market had its first loss of the week as technology companies and consumer products makers led U.S. indexes lower.

Apple lost 2.8 percent Thursday and tobacco maker Philip Morris International plunged 15.6 percent after reporting weak results, noting that sales of its iQos device in Japan were slow.

Banks bucked the downward trend and rose along with bond yields. Bank of New York Mellon climbed 5.7 percent.

Energy stocks also rose. Philips 66 rose 1.6 percent.

The S&P 500 index fell 15 points, or 0.6 percent, to 2,693.

The Dow Jones industrial average lost 83 points, or 0.3 percent, to 24,664. The Nasdaq composite fell 57 points, or 0.8 percent, to 7,238.

Bond prices fell. The yield on the 10-year Treasury rose to 2.91 percent.

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11:45 a.m.

U.S. stocks are moving lower in midday trading, weighed down by losses in technology and consumer products companies.

Apple lost 2.3 percent Thursday and tobacco maker Philip Morris International plunged 16.8 percent after reporting weak results.

Banks bucked the downward trend and rose along with bond yields. Bank of New York Mellon climbed 5.2 percent.

Energy stocks also rose as a rally in oil prices continued, bringing crude to the highest level in more than three years. Philips 66 rose 1.4 percent.

The S&P 500 index fell 18 points, or 0.7 percent, to 2,689.

The Dow Jones industrial average lost 90 points, or 0.4 percent, to 24,657. The Nasdaq fell 58 points, or 0.8 percent, to 7,236.

Bond prices fell. The yield on the 10-year Treasury rose to 2.93 percent.

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9:35 a.m.

Stocks are edging lower in early trading on Wall Street, putting the market on track for its first loss this week.

Technology companies and makers of consumer products posted some of the biggest losses in early trading Thursday.

Apple sank 1.7 percent and Philip Morris International sank 12.8 percent after reporting weak results.

Energy companies bucked the downward trend and rose along with the price of crude oil, which is at a three-year high. Noble Energy rose 1 percent.

The S&P 500 index fell 9 points, or 0.4 percent, to 2,698.

The Dow Jones industrial average lost 51 points, or 0.2 percent, to 24,698. The Nasdaq composite fell 28 points, or 0.4 percent, to 7,267.

Bond prices fell. The yield on the 10-year Treasury rose to 2.93 percent.