Markets Right Now: Tech slump leaves stock market lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
A pullback in technology stocks knocked out an early rally, breaking a seven-day surge for the Nasdaq composite.
Chipmakers were in focus Tuesday after the White House blocked a hostile takeover of Qualcomm by rival Broadcom, citing national security concerns. Qualcomm slumped 5 percent in heavy trading.
Cavium, a chipmaker that has agreed to be bought by Bermuda-based rival Marvell Technology, dropped 4.4 percent.
Banks and consumer-focused stocks also slid. Disney lost 1.4 percent.
Stocks started the day higher, and bond yields fell, after the government reported that inflation in consumer prices remained muted last month.
The S&P 500 fell 17 points, or 0.6 percent, to 2,765.
The Dow Jones industrial average lost 171 points, or 0.7 percent, to 25,007. The Nasdaq fell 77 points, or 1 percent, to 7,511.
Stocks are mostly higher on Wall Street after an early gain mostly faded by midday.
Indexes started higher on Tuesday and bond yields fell as traders were encouraged to see that inflation remained muted last month.
The early gains were led by technology stocks and retailers, but by lunchtime both those sectors were lower.
Chipmaker Qualcomm slumped 4.1 percent after the White House blocked a hostile bid from Broadcom to take over the company.
Safe-play stocks like phone and real estate companies were among the biggest gainers.
The S&P 500 was little changed at 2,782.
The Dow Jones industrial average climbed 31 points, or 0.1 percent, to 25,202. The Nasdaq fell 23 points, or 0.3 percent, to 7,565, on track for its first loss after seven gains.
Stocks are opening higher on Wall Street and bond yields are falling as investors are relieved to see that inflation remained in check last month.
Technology stocks and retailers, investors’ favorites in recent months, were among the biggest winners in early trading Tuesday.
Google parent Alphabet rose 1 percent and Macy’s climbed 1.4 percent.
Chipmaker Qualcomm slumped 3.3 percent after the White House blocked a hostile bid from Broadcom to take over the company, citing national security concerns.
The S&P 500 rose 13 points, or 0.5 percent, to 2,796.
The Dow Jones industrial average climbed 116 points, or 0.5 percent, to 25,294. The Nasdaq composite gained 38 points, or 0.5 percent, to 7,626.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.84 percent.