Markets Right Now: Steep drop in tech pulls indexes lower - InfoNews

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Markets Right Now: Steep drop in tech pulls indexes lower

November 29, 2017 - 9:02 AM

The latest on developments in financial markets (All times local):

11:45 a.m.

Steep drops in technology stocks are pulling U.S. market indexes mostly lower in midday trading, offsetting gains in banks.

Several big names in the tech sector were lower Wednesday. Chipmakers Micron and Nvidia each lost about 8 per cent. The sector remains by far the biggest winner on the market so far this year, up 35 per cent.

Bond yields were higher following a strong report on third-quarter economic growth in the U.S. That helped banks because they can charge higher interest rates on loans.

Bank of America was up 1.9 per cent.

The Standard & Poor's 500 was down 5 points, or 0.2 per cent, at 2,622.

The Dow Jones industrial average gained 50 points, or 0.2 per cent, to 23,888. The Nasdaq composite dropped 106 points, or 1.5 per cent, to 6,804.

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9:35 a.m.

Stocks are off to a mixed start on Wall Street as more gains for banks are partially offset by losses elsewhere in the market including the technology sector.

Bond yields were higher early Wednesday, which helps banks because it allows them to charge higher interest rates on loans. Bank of America was up 1.4 per cent.

Tech stocks were broadly lower. Autodesk, a software maker, plunged 13.8 per cent after reporting a weak quarter and saying it would eliminate 13 per cent of its work force.

The market is coming off its biggest gain since September.

The Standard & Poor's 500 was up 2 points, or 0.1 per cent, at 2,629.

The Dow Jones industrial average gained 76 points, or 0.3 per cent, to 23,912. The Nasdaq fell 18 points, or 0.3 per cent, to 6,893.

News from © The Associated Press, 2017
The Associated Press

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