Markets Right Now: Tech slump pulls indexes mostly lower
Jul. 27, 2017
NEW YORK (AP) — The latest on developments in financial markets (All times local):
An afternoon pullback in technology shares pulled broader market indexes mostly lower on Wall Street.
The market got off to a good start on Thursday with major indexes all heading to more record highs. That ended in the early afternoon when tech shares, which have far outpaced other industries this year, took a tumble.
CA plunged 10 percent following reports that talks with BMC Software had ended. Other tech names also faded. Apple lost 1.9 percent and Microsoft fell 1.2 percent.
The Standard & Poor's 500 fell 2 points, or 0.1 percent, to 2,475.
The Dow Jones industrial average gained 85 points, or 0.4 percent, to 21,796. The Nasdaq lost 40 points, or 0.6 percent, to 6,382.
Bond prices fell. The yield on the 10-year Treasury rose to 2.31 percent.
U.S. stocks are on track to set more records as media companies and phone companies rise.
Verizon Communications and Comcast are climbing Thursday after their second-quarter reports, while Facebook jumps as investors are pleased with its earnings, advertising revenue, and spending.
Health care and industrial companies are lagging the rest of the market.
Thursday was a busy day for company earnings. Johnson Controls sank 8.4 percent after reporting revenue that fell short of analysts' forecasts.
The Standard & Poor's 500 rose 4 points, or 0.2 percent, to 2,482.
The Dow Jones industrial average gained 64 points, or 0.3 percent, to 21,774. The Nasdaq composite increased 33 points, or 0.5 percent, to 6,456.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.32 percent.
Big gains for technology, retail and phone companies pushed stock prices higher in early trading on Wall Street.
Facebook, which was already trading at an all-time high, rose another 4.2 percent early Thursday after reporting surprisingly strong quarterly results.
Verizon also climbed 5.4 percent after its own results came in ahead of estimates, and so did Alexion Pharmaceuticals.
Thursday was a busy day for company earnings. Johnson Controls sank 8.8 percent after reporting revenue that fell short of analysts' forecasts.
The Standard & Poor's 500 rose 3 points, or 0.1 percent, to 2,480.
The Dow Jones industrial average gained 67 points, or 0.3 percent, to 21,776. The Nasdaq increased 25 points, or 0.3 percent, to 6,447.
All three are trading above the record high closes they recorded a day earlier.