Markets Right Now: Stocks sink on China slowdown fears - InfoNews

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Markets Right Now: Stocks sink on China slowdown fears

FILE- In this Dec. 26, 2018, file photo specialists work at a post on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Monday, Jan. 28. (AP Photo/Richard Drew, File)
January 28, 2019 - 9:02 AM

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

11:45 a.m.

Stocks are moving broadly lower on Wall Street as traders worry about the impact on U.S. companies of a slowdown in China's economy.

Caterpillar dropped 9.7 per cent in midday trading Monday after the heavy equipment maker reported earnings that were far below what analysts were expecting. The company said its sales were slowing in China.

Chipmaker Nvidia sank 14.1 per cent after issuing a poor outlook, also blaming weakness in China.

The S&P 500 index fell 37 points, or 1.4 per cent, to 2,627.

The Dow Jones Industrial Average lost 377 points, or 1.5 per cent, to 24,360. The Nasdaq dropped 120 points, or 1.7 per cent, to 7,044.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.74 per cent.

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9:35 a.m.

Stocks are opening broadly lower on Wall Street as traders worry about the impact on U.S. companies of a slowdown in China's economy.

Caterpillar dropped 8.2 per cent in early trading Monday after the heavy equipment maker reported earnings that were far below what analysts were expecting. The company said it sales were slowing in China.

Chipmaker Nvidia sank 17.6 per cent after issuing a poor outlook, also blaming weakness in China.

The S&P 500 index fell 29 points, or 1.1 per cent, to 2,635.

The Dow Jones Industrial Average lost 329 points, or 1.3 per cent, to 24,407. The Nasdaq dropped 104 points, or 1.5 per cent, to 7,056.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.74 per cent.

News from © The Associated Press, 2019
The Associated Press

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