Markets Right Now: Banks, tech stocks lead US indexes lower

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

11:45 a.m.

Stocks are sliding on Wall Street, erasing the market’s gains for the week.

Banks are taking some of the biggest losses Friday as long-term interest rates fall further.

Bond prices rose again, sending yields sharply lower, as investors worry that global economic growth is stalling. Weak reports on manufacturing in Europe fanned those fears.

Bank of America sank 5 per cent and Citigroup lost 5.2 per cent.

Boeing fell 2.2 per cent after Indonesia’s flag carrier said it would seek to cancel an order of the company’s 737 Max 8 jets.

The S&P 500 fell 44 points, or 1.5 per cent, to 2,810.

The Dow Jones Industrial Average lost 404 points to 25,554. The Nasdaq fell 154 points, or 2 per cent, to 7,684.

The yield on the 10-year Treasury note fell to 2.42 per cent.

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9:35 a.m.

Stocks are opening lower on Wall Street led by declines in banks and industrial companies.

Citigroup fell 2.2 per cent early Friday, and Boeing gave up 1 per cent after Indonesia’s flag carrier said it would seek to cancel an order of 49 of the company’s 737 Max 8 jets following two fatal crashes involving that model.

Despite several down days this week the S&P 500 is still on track to close out its second weekly gain in a row.

The S&P 500 index fell 11 points, or 0.4 per cent, to 2,842.

The Dow Jones Industrial Average lost 129 points to 25,832. The Nasdaq fell 28 points, or 0.3 per cent, to 7,811.

Bond prices continued to rise. The yield on the 10-year Treasury fell to 2.47 per cent.