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Markets Right Now: Banks, energy stocks pull indexes lower

August 23, 2018

FILE - This March 4, 2013, file photo shows a sign for Wall Street on the side of a building near the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Thursday, Aug. 23, 2018. (AP Photo/Mark Lennihan, File)

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

4 p.m.

Stocks are closing lower on Wall Street as a slide in banks and energy companies offsets solid gains for the technology sector.

Homebuilders also declined Thursday following new data showing sales of new homes slumped in July. Lennar fell 1.5 percent.

Hormel Foods, which makes Spam and other products, fell 3.1 percent after cutting its outlook, partly because of uncertainty around trade.

The S&P 500 index fell 4 points, or 0.2 percent, to 2,856.

The Dow Jones Industrial Average fell 76 points, or 0.3 percent, to 25,656. The Nasdaq composite slipped 10 points, or 0.1 percent, to 7,878.

Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 2.82 percent.

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11:45 a.m.

Stocks veered lower on Wall Street as losses in banks and energy companies offset gains elsewhere in the market.

Goldman Sachs fell 1.2 percent Thursday, and Concho Resources lost 2 percent.

Homebuilders declined following new data showing sales of new U.S. homes slumped in July. Lennar fell 1.7 percent.

Technology stocks moved higher, adding to recent gains.

Investors had their eye on trade as the U.S. and China rolled out more tariffs on each other, escalating their trade dispute even as representatives from both nations held their first high-level talks in two months.

The S&P 500 index fell 4 points, or 0.1 percent, to 2,857.

The Dow Jones Industrial Average fell 91 points, or 0.4 percent, to 25,641. The Nasdaq composite slipped 7 points, or 0.1 percent, to 7,881.

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9:35 a.m.

Stocks are off to a mostly lower start on Wall Street as losses in energy and health care companies offset gains in technology.

Exxon Mobil fell 1 percent in early trading Thursday, and drugmaker Celgene fell 1.4 percent.

Spam maker Hormel Foods sank 3.4 percent after cutting its sales outlook.

Williams-Sonoma jumped 10.5 percent after reporting results that beat estimates.

The S&P 500 index fell a fraction of a point to 2,861.

The Dow Jones Industrial Average fell 46 points, or 0.2 percent, to 25,688. The Nasdaq composite rose 15 points, or 0.2 percent, to 7,905.

Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 2.82 percent.

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