Markets Right Now: Banks, technology lead US stocks lower

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

11:45 a.m.

Banks and technology companies are leading stock indexes lower on Wall Street following huge gains a day earlier.

Bank of America fell 1.4 per cent Thursday and Intel gave up 1.7 per cent.

The declines came a day after the biggest rally in eight months.

Deutsche Bank sank 5 per cent after Germany authorities searched its headquarters on suspicion that employees helped clients launder money.

The S&P 500 fell 9 points, or 0.3 per cent, to 2,733.

The Dow Jones Industrial Average lost 87 points, or 0.3 per cent, to 25,278. The Nasdaq fell 26 points, or 0.4 per cent, to 7,263.

The price of oil traded below $50 a barrel overnight but was up 3 per cent at $51.75 in New York.

Bond prices rose. The yield on the 10-year Treasury fell to 3.03 per cent.

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9:35 a.m.

Banks and technology companies are leading stock indexes slightly lower in early trading on Wall Street.

Bank of America fell 1 per cent in the first few minutes of trading Thursday and Intel gave up 1.4 per cent.

The early declines came a day after the market’s biggest rally in eight months.

Deutsche Bank sank 3.3 per cent after Germany authorities searched the bank’s headquarters on suspicions bank employees helped clients launder money.

The S&P 500 index fell 6 points, or 0.2 per cent, to 2,737.

The Dow Jones Industrial Average lost 38 points, or 0.1 per cent, to 25,328. The Nasdaq composite fell 14 points, or 0.2 per cent, to 7,277.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.03 per cent.