Tech shares lead an early slump for US stocks

AP News
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Posted: Jul 22, 2015 9:42 AM
Tech shares lead an early slump for US stocks

NEW YORK (AP) — Poor showings from several big technology companies including Apple and Microsoft weighed on the stock market in early trading.

Apple sank 5 percent shortly after trading opened on Wednesday. The company gave a cautious outlook for the current quarter and didn't provide much detail on how its new smartwatch was doing.

Microsoft fell 2 percent after booking a huge loss related to its purchase of Nokia.

The Dow Jones industrial average declined 42 points, or 0.2 percent, to 17,876 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index fell five points, or 0.3 percent, to 2,113. The Nasdaq composite declined 44 points, or 0.9 percent, to 5,163.

Bond prices didn't move much. The yield on the 10-year Treasury note held steady at 2.33 percent.