Markets Right Now: Stocks slide again on Wall Street
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks slid again on Wall Street, putting the market closer to its first monthly loss of the year.
Bond prices continued to rise Wednesday as investors worried about slower economic growth and parked money in lower-risk assets.
Technology and communications companies took some of the heaviest losses, as did health care stocks.
Luxury coat maker Canada Goose plunged 30.9% after issuing a sales forecast that was far below what investors were expecting.
Abercrombie & Fitch sank 26.5% after it also issued a weak forecast.
The S&P 500 lost 19 points, or 0.7%, to 2,783. It’s down 5.5% so far in May, with two trading days left in the month.
The Dow Jones Industrial Average fell 221 points, or 0.9%, to 25,126. The Nasdaq fell 60 points, or 0.8%, to 7,547.
Stocks are extending their losses in midday trading on Wall Street, keeping the market on track for its first monthly loss since December.
Technology companies were again leading the way lower on Wednesday, reflecting increasing unease among investors that those companies could bear the brunt of worsening trade tensions with China.
Microsoft lost 1.5% and chipmaker Nvidia fell 2.7%.
Canada Goose, which makes luxury down coats, plunged 26.5% and Abercrombie & Fitch sank 25%. Both companies issued weak sales forecasts.
The S&P 500 lost 33 points, or 1.2%, to 2,768.
The Dow Jones Industrial Average fell 372 points, or 1.5%, to 24,972. The Nasdaq fell 95 points, or 1.2%, to 7,512.
Bond yields continued to fall as investors favored lower-risk assets. The yield on the 10-year Treasury fell to 2.21%
Stocks are getting off to a weak start on Wall Street led by drops in technology and health care companies.
Chipmaker Nvidia slumped 2.2% in early trading Wednesday and drugmaker Bristol-Myers Squibb gave up 1.6%.
Canada Goose Holdings, which makes high-end winter coats, plummeted 21.3% after giving a weak revenue forecast for next year.
Fashion company Capri Holdings, whose brands include Michael Kors, gave up 9.7% after also issuing a weak forecast.
The S&P 500 index lost 20 points, or 0.8%, to 2,780.
The Dow Jones Industrial Average fell 189 points, or 0.8%, to 25,151. The Nasdaq fell 72 points, or 1%, to 7,535.
Bond yields continued to fall as investors favored lower-risk assets. The yield on the benchmark 10-year Treasury note fell to 2.23%