Markets Right Now: Tech leads stocks lower; bond yields rise

FILE- In this April 19, 2017, file photo, specialist Anthony Rinaldi is reflected in a screen at his post on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Tuesday, May 15, 2018. (AP Photo/Richard Drew, File)

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

4 p.m.

Losses in technology and health care companies helped pull U.S. stocks lower, breaking an eight-day winning streak for the Dow Jones industrial average.

The broad sell-off Tuesday followed a spike in bond yields, which sent the 10-year Treasury yield to its highest in almost seven years.

That paves the way for higher borrowing costs on mortgages. Homebuilders fell sharply as a result. D.R. Horton plunged 6.7 percent.

Banks, which stand to prosper because of higher interest rates on loans, bucked the downward trend. KeyCorp rose 1.5 percent.

The S&P 500 fell 18 points, or 0.7 percent, to 2,711.

The Dow lost 193 points, or 0.8 percent, to 24,706. The Nasdaq fell 59 points, or 0.8 percent, to 7,351.

Small-company stocks held up better than the rest of the market.

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11:45 a.m.

Stocks are moving mostly lower in midday trading on Wall Street, led by technology and health care companies.

Banks bucked the downward trend Tuesday and rose along with bond yields. Small-company stocks also rose.

Apple fell 1 percent, Amazon fell 1.9 percent and Wells Fargo climbed 0.9 percent.

The declines Tuesday put the Dow Jones industrial average on track to end an eight-day winning streak.

Bond prices fell, sending yields higher, after the government reported a solid increase in retail sales last month. The yield on the 10-year Treasury rose to its highest since July 2011.

The S&P 500 index fell 18 points, or 0.7 percent, to 2,712.

The Dow lost 183 points, or 0.7 percent, to 24,715. The Nasdaq composite fell 60 points, or 0.8 percent, to 7,349.

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9:35 a.m.

Stocks are opening moderately lower across the board on Wall Street, led by declines in technology and consumer-focused companies.

The declines Tuesday put the Dow Jones industrial average on track to end an eight-day winning streak.

Bond prices fell, sending yields higher, after the government reported a solid increase in U.S. retail sales last month.

The yield on the benchmark 10-year Treasury note rose to 3.05 percent, its highest level since July 2011. That yield is used to set interest rates on mortgages and other kinds of loans.

The S&P 500 index fell 18 points, or 0.7 percent, to 2,711.

The Dow Jones industrial average lost 162 points, or 0.6 percent, to 24,739. The Nasdaq composite fell 75 points, or 1 percent, to 7,335.

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