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US stocks slip in early trading; banks and tech sector fall US stocks mostly lower in early trading; banks and tech fall
(about 2 hours later)
NEW YORK — U.S. stocks are edging lower in early trading as the market comes off a three-week winning streak. NEW YORK — U.S. stocks are mostly lower in early trading as the market comes off a three-week winning streak. Banks and technology companies are posting some of the biggest losses. Chipmaker Micron Technology sank 2.2 percent. Energy companies rose sharply along with the price of oil.
Banks and technology companies had some of the biggest losses in the opening minutes of trading Monday. KEEPING SCORE: The Standard & Poor’s 500 index lost three points, or 0.2 percent, to 1,996 as of 11:09 a.m. Eastern time. The Nasdaq composite gave up 14 points, or 0.3 percent, to 4,703. The Dow Jones industrial average rose 17 points, or 0.1 percent, to 17,024.
Chipmaker Micron Technology sank 5 percent and Citigroup fell 1 percent. ENERGY SURGE: The six biggest gainers in the S&P 500 were drillers and other energy-related companies. Murphy Oil rose $2.66, or nearly 11 percent, to $26.36.
European stocks fell as investors worried about how much more stimulus the European Central Bank will be able to provide at its policy meeting later this week. DUPONT JUMP: DuPont rose $1.82, or 3 percent, to $65. Bloomberg News reported that German chemicals giant BASF is offering to buy the company. DuPont had agreed to merge with Dow Chemical.
The Dow Jones industrial average slipped 31 points, or 0.2 percent, to 16,974. IRON SOARS: The price of iron ore jumped $8.76, or 17 percent, to $60.87 on news over the weekend that China plans to run up its deficit to stimulate its economy. The country also lowered the official growth target this year to 6.5-7 percent from 6.9 percent last year, a 25-year low, and promised more market-opening reforms. The slowdown in China has been rattling markets and unnerving its trading partners as it dampens demand for industrial components and raw materials.
The Standard & Poor’s 500 index lost six points, or 0.3 percent, to 1,993. The Nasdaq composite gave up 16 points, or 0.4 percent, to 4,700. BANK WARNING: The Bank for International Settlements warned of a “gathering storm” as central banks run out of room to stimulate their economies. The BIS’s chief economist, Claudio Borio, said investor confidence in central banks is “faltering.” The BIS is often referred to as the central banks’ central bank.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.90 percent. ECB IN FOCUS: Investors are anxious over a policy meeting of the ECB on Thursday. They expect further stimulus from the central bank because inflation across the 19-country eurozone has fallen back below zero. That could include a further cut into negative of the deposit rate, from minus 0.3 percent, and an expansion of its bond-buying program.
EUROPE DOWN: Germany’s DAX fell 0.8 percent while France’s CAC-40 lost 0.6 percent. Britain’s FTSE 100 lost 0.5 percent.
ASIA’S DAY: Tokyo’s Nikkei retreated 0.6 percent and Hong Kong’s Hang Seng shed 0.1 percent. Seoul’s Kospi advanced 0.1 percent.
ENERGY: Benchmark U.S. crude gained $1.08, or 3 percent, to $37.02 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose $1.10, or 3 percent, to $39.82 a barrel.
CURRENCY: The euro fell to $1.0980 from $1.0999 and the dollar fell to 113.58 yen from 114.02 yen.
BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 1.90 percent from 1.88 percent late Friday.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.