Markets Right Now: Tech weakness weighs on stock market

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

1:18 p.m.

A steep drop in technology companies sent U.S. stocks sharply lower, knocking 500 points off the Dow Jones Industrial Average.

Apple and Amazon each lost 4.5 per cent Monday.

Crude oil prices were headed higher, snapping a 10-day skid, after Saudi Arabia said it planned to cut its output.

Athenahealth jumped 9.6 per cent after the struggling medical billing software maker received a buyout offer.

The market was coming off a two-week winning streak.

The S&P 500 index fell 46 points, or 1.7 per cent to 2,734.

The Dow Jones Industrial Average fell 495 points, or 1.9 per cent, to 25,496. It was down as much as 509 earlier.

The Nasdaq composite lost 190 points, or 2.6 per cent, to 7,214.

Bond trading was closed for Veterans Day.

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11:45 a.m.

A steep drop in technology companies sent U.S. stocks sharply lower, knocking off more than 400 points from the Dow Jones Industrial Average.

Banks and consumer-focused companies and media and communications stocks also took heavy losses Monday.

Apple sank 4.8 per cent and Amazon lost 4.5 per cent. Facebook gave up 2.5 per cent and JPMorgan Chase fell 1.8 per cent.

Crude oil prices were headed higher, snapping a 10-day skid, after Saudi Arabia said it planned to cut its output.

Athenahealth jumped 9.6 per cent after the struggling medical billing software maker received a buyout offer.

The S&P 500 index fell 39 points, or 1.4 per cent to 2,741.

The Dow Jones Industrial Average fell 413 points, or 1.6 per cent, to 25,577. The Nasdaq composite lost 175 points, or 2.4 per cent, to 7,231.

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9:35 a.m.

Stocks are opening moderately lower on Wall Street, led by declines in technology and internet companies.

Apple fell 3.7 per cent in early trading Monday and Google’s parent company Alphabet gave up 1.5 per cent.

Athenahealth jumped 9.6 per cent after the struggling medical billing software maker received a $5.7 billion cash buyout offer.

The S&P 500 index fell 16 points, or 0.6 per cent to 2,764.

The Dow Jones Industrial Average fell 113 points, or 0.5 per cent, to 25,870. The Nasdaq composite lost 87 points, or 1.2 per cent, to 7,319.