Markets Right Now: Tech companies rise but telecom tumbles

AP News
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Posted: Nov 06, 2017 9:43 AM

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

9:35 a.m.

Stocks are little changed in early trading as technology and energy companies move higher, but phone companies slip.

Sprint and T-Mobile USA called off talks about a potential deal over the weekend and their stocks fell Monday. Sprint sank 13.3 percent and T-Mobile lost 5.1 percent.

Elsewhere Verizon Communications sank 4.1 percent.

Chipmaker Qualcomm jumped 5.5 percent after competitor Broadcom offered to buy the company for $103 billion, or $70 a share. Broadcom gained 2.3 percent.

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The Standard & Poor's 500 index was little changed at 2,587.

The Dow Jones industrial average rose 2 points to 23,541. The Nasdaq composite added 9 points, or 0.2 percent, to 6,774. All three indexes finished at record highs Friday.