Markets Right Now: Tech stocks drag US indexes lower

Associated Press
Trader Gordon Charlop works on the floor of the New York Stock Exchange, Monday, July 30, 2018. Stocks are off to a mixed start on Wall Street as gains in banks and energy companies are offset by losses in other sectors. (AP Photo/Richard Drew)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

Technology companies took sharp losses for a third day in a row and U.S. indexes are closing lower.

Twitter skidded 8 percent and Google's parent company Alphabet gave up 1.8 percent.

Technology companies have done far better than the rest of the market for more than a year but weak reports from Twitter and Facebook have sent it lower.

Energy companies rose with oil prices. U.S. crude climbed 2.1 percent to $70.13 a barrel.

The S&P 500 index fell 16 points, or 0.6 percent, to 2,802.

The Dow Jones Industrial Average lost 144 points, or 0.6 percent, to 25,306. The Nasdaq composite fell 107 points, or 1.4 percent, to 7,630.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.98 percent.

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11:45 a.m.

Another slump in technology stocks is pulling major U.S. indexes lower, offsetting gains in energy companies.

Twitter fell another 6.4 percent in midday trading Monday, following a 20.5 percent nosedive on Friday after the company reported a decline in monthly users.

Heavy machinery maker Caterpillar rose 2.4 percent after reporting a strong quarter. Asset manager Affiliated Managers Group jumped 4.2 percent after its own results surpassed analysts' estimates.

The S&P 500 index fell 11 points, or 0.4 percent, to 2,807.

The Dow Jones Industrial Average lost 64 points, or 0.3 percent, to 25,383. The Nasdaq composite fell 83 points, or 1.1 percent, to 7,653.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.97 percent.

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9:35 a.m.

Stocks are off to a mixed start on Wall Street as gains in banks and energy companies are offset by losses in other sectors.

Phone companies were also higher in early trading Monday. AT&T rose 1.9 percent.

Company earnings were again a focus for investors.

Heavy machinery maker Caterpillar rose 1 percent after reporting a strong quarter. Asset manager Affiliated Managers Group jumped 4.2 percent after its own results surpassed analysts' estimates.

The S&P 500 index fell 2 points, or 0.1 percent, to 2,816.

The Dow Jones Industrial Average gained 17 points, or 0.1 percent, to 25,465. The Nasdaq composite slipped 38 points, or 0.5 percent, to 7,699.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.99 percent.