Financial companies and retailers lead US stock market lower, extending slump from last week

NEW YORK, N.Y. – The stock market is slipping lower at midday, led by financial companies and retailers.

Genworth Financial and Chipotle Mexican Grill were among the biggest decliners on the Standard & Poor’s 500 index. Genworth fell 5 per cent.

The S&P 500 index lost 14 points, or 0.8 per cent, to 1,850 at midday. The Dow Jones industrial average fell 124 points, or 0.8 per cent, to 16,287.

The tech-heavy Nasdaq continued its weak streak. It fell the most among major U.S. indexes, and was down 42 points, or 1 per cent, to 4,086 at midday. A slump in technology stocks pulled the index down 110 points, or 2.6 per cent, to 4,127 on Friday, its biggest one-day drop since February.

The yield on the 10-year Treasury note fell to 2.68 per cent, from 2.73 per cent late Friday.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles