Markets Right Now: US stocks end lower; energy, banks sink

AP News
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Posted: May 03, 2016 4:11 PM

NEW YORK (AP) — The Latest on global financial markets (all times local):

4:00 p.m.

Stocks are closing lower on Wall Street, erasing a big gain from the day before.

Energy companies and banks had some of the biggest losses Tuesday. JPMorgan Chase and Chevron each sank 2 percent.

Traders were discouraged by more signs of weakness in China's economy. European markets also closed lower after growth forecasts for that region were lowered.

Several companies fell after reporting disappointing results. Pitney Bowes, which makes office mailing equipment, lost 10 percent.

The Dow Jones industrial average fell 140 points, or 0.8 percent, to 17,750.

The Standard & Poor's 500 index lost 18 points, or 0.9 percent, to 2,063. The Nasdaq composite fell 54 points, or 1.1 percent, to 4,763.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.80 percent.

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12 p.m.

Stocks are moving lower in midday trading on Wall Street, erasing a big gain from the day before.

Energy companies and banks had some of the biggest losses Tuesday.

Traders were discouraged by more signs of weakness in China's economy, and European markets were also down after economic growth forecasts for that region were lowered.

Several stocks were also falling on weak earnings reports. Pitney Bowes dropped 10 percent and Vornado Realty Trust sank 3 percent.

The Dow Jones industrial average fell 182 points, or 1 percent, to 17,709.

The Standard & Poor's 500 index lost 21 points, or 1 percent, to 2,060. The Nasdaq composite fell 54 points, or 1.1 percent, to 4,763.

U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.79 percent.

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12 p.m.

European stock markets have closed lower while oil prices fell sharply amid renewed concerns over the state of the Chinese economy.

A weak Chinese manufacturing survey was the trigger for the weak session in Europe. However, there are concerns that the traditional mantra of "sell in May and go away" may mean some choppy sessions ahead.

Chris Beauchamp, Senior Market Analyst at IG, says "the very fact that we are hearing so many references to 'sell in May' underscores how weak sentiment is." However, he noted that April started equally badly but most global indexes ended the month higher.

The FTSE 100 index of leading British shares closed down 0.9 percent at 6,185.59 while Germany's DAX fell 1.9 percent to 9,926.77. The CAC-40 in France ended 1.6 percent lower at 4,371.98.

A barrel of benchmark New York crude was down $1.07, or 2.3 percent, at $43.71.

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9:35 a.m.

Stocks are opening lower on Wall Street, giving back most of a big gain from the day before.

Several companies were moving lower Tuesday after reporting disappointing results.

American International Group lost 2.5 percent and Pitney Bowes gave up 6 percent.

European markets were also lower.

The Dow Jones industrial average climbed fell 136 points, or 0.8 percent, to 17,756.

The Standard & Poor's 500 index lost 15 points, or 0.8 percent, to 2,065. The Nasdaq composite fell 35 points, or 0.7 percent, to 4,782.

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6:50 a.m.

European stock markets have edged down after weak Chinese manufacturing figures stoked renewed concerns over the state of the world's number 2 economy.

The Caixin magazine's purchasing managers' index for the manufacturing sector declined to 49.4 points from March's 49.7 on a 100-point scale on which numbers below 50 show activity contracting.

Worries over the state of the Chinese economy were largely responsible for the turmoil in global financial markets in the early part of the year, and the weak survey resonated round the world.

In Europe, the FTSE 100 index of leading British shares is down 1.1 percent at 6,176 while Germany's DAX has fallen 1.8 percent to 9,945. The CAC-40 in France is 1.6 percent lower at 4,372. Wall Street is also poised to open lower, with Dow futures and the broader S&P 500 futures down 0.7 percent.