Markets Right Now: Stocks move lower on Wall Street

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

11:45 a.m.

Stocks are modestly lower in midday trading on Wall Street after recovering much of an early slump.

A big loss for IBM pulled down the Dow Jones Industrial Average Wednesday, but broader market indexes weren’t down as much. IBM reported weak revenue in its latest quarter.

The wobbly trading came a day after the market had its biggest gain in more than six months.

Homebuilders sank after the Commerce Department said construction of new homes dropped in September.

Netflix jumped 4.7 per cent after it announced big subscriber gains.

The S&P 500 index fell 6 points, or 0.2 per cent, to 2,803.

The Dow lost 103 points, or 0.4 per cent, to 25,695. It was down as much as 319 earlier.

The Nasdaq composite gave up 25 points, or 0.3 per cent, to 7,620.

___

9:35 a.m.

U.S. stocks are opening mostly lower on Wall Street as losses for technology companies and banks weigh on the market.

IBM slumped 7.6 per cent in early trading Wednesday after reporting revenue for the latest quarter that came in below analysts’ forecasts.

Banks were also lower. Bank of America slipped 1 per cent.

Netflix soared 5.8 per cent after reporting solid subscriber gains.

Stocks are coming off their biggest gain in six months.

The S&P 500 index fell 7 points, or 0.3 per cent, to 2,802.

The Dow Jones Industrial Average lost 170 points, or 0.7 per cent, to 25,627. The Nasdaq composite gave up 34 points, or 0.5 per cent, to 7,610.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 3.15 per cent.