Markets Right Now: US stocks drift lower in midday trading

MarketsAssociated Press

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

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11:45 a.m.

Stock indexes are drifting mostly lower in midday trading on Wall Street as technology companies continue to fall.

Apple gave up 1.5 percent Friday and Intel lost 1.8 percent. Tech stocks, which have far outperformed the rest of the market over the past year, had their biggest drop in six weeks a day earlier.

Stitch Fix, an online clothing retailer, jumped 13.5 percent after reporting earnings and revenue that came in well ahead of what analysts were expecting.

The S&P 500 index slipped 2 points, or 0.1 percent, to 2,767.

The Dow Jones industrial average was little changed at 25,233. The Nasdaq composite fell 17 points, or 0.2 percent, to 7,617.

Small-company stocks edged higher.

The yield on the 10-year Treasury held steady at 2.93 percent.

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9:35 a.m.

Stock indexes are opening modestly lower on Wall Street as technology companies and retailers fall.

Apple gave up 1.6 percent in the first few minutes of trading Friday and Amazon lost 0.8 percent.

Verizon fell 1 percent after naming a new CEO, and Stitch Fix, an online clothing retailer, jumped 6.6 percent after reporting earnings and revenue for its latest quarter that came in well ahead of what analysts were expecting.

The S&P 500 index fell 4 points, or 0.2 percent, to 2,765.

The Dow Jones industrial average lost 43 points, or 0.2 percent, to 25,198. The Nasdaq composite fell 29 points, or 0.4 percent, to 7,605.

The yield on the 10-year Treasury held steady at 2.93 percent.