Markets Right Now: Stocks drift mostly lower on Wall Street

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

11:45 a.m.

Stocks are drifting mostly lower on Wall Street after a big rally the day before.

Technology companies are slipping Thursday after chipmaker Qualcomm gave a disappointing revenue forecast for the current quarter. Qualcomm slumped 7.2 per cent.

Drugmaker Perrigo fell 14.5 per cent after predicting weak sales.

Monster Beverage dropped 3.8 per cent after the company said Coca-Cola has developed energy drinks that would compete with its own products.

The S&P 500 index slipped less than 1 point to 2,813. It rose 2.1 per cent a day earlier.

The Dow Jones Industrial Average rose 74 points, or 0.3 per cent, to 26,256. The Nasdaq composite slipped 18 points, or 0.2 per cent, to 7,551.

More stocks fell than rose on the New York Stock Exchange.

The yield on the 10-year Treasury held steady at 3.23 per cent.

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9:35 a.m.

Stocks are opening modestly lower on Wall Street as the market gives back some of its big gains from the day before.

Technology companies had some of the biggest losses early Thursday. Chipmaker Qualcomm sank 7.8 per cent after giving a weak sales forecast.

Drugmaker Perrigo also fell 11.3 per cent after predicting weak sales.

Monster Beverage plunged 9.6 per cent after the company said Coca-Cola has developed energy drinks that would compete with its own products.

The S&P 500 index fell 5 points, or 0.2 per cent to 2,808. It rose 2.1 per cent a day earlier.

The Dow Jones Industrial Average was little changed at 26,174. The Nasdaq composite gave back 34 points, or 0.5 per cent, to 7,534.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.21 per cent.