Markets Right Now: US stocks move broadly lower

AP News
|
Posted: Jun 01, 2016 11:49 AM

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

11:45 a.m.

U.S. stocks indexes moved mostly lower in midday trading as investors weighed a mixed batch of economic data out of the U.S. and China.

Telecommunications companies were among the biggest decliners. Automakers GM and Ford Motors also declined after reporting a drop in sales for May.

Apparel maker Under Armour slumped 5 percent after the company warned that its results would be hurt by the bankruptcy of the sporting good retail chain Sports Authority.

The Dow Jones industrial average fell 40 points, or 0.2 percent, to 17,746. The Standard and Poor's 500 index slipped 3 points, or 0.2 percent, to 2,093. The Nasdaq composite lost 5 points, or 0.1 percent, to 4,942.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.83 percent.

___

9:35 a.m.

Stocks are opening broadly lower as traders were discouraged by more signs of weakness in China's economy.

Two surveys showed sluggishness in China's manufacturing in May, which helped pull the price of crude oil down 2 percent to just under $48 a barrel.

Apparel maker Under Armour slumped 5 percent after the company warned that its results would be hurt by the bankruptcy of the sporting good retail chain Sports Authority.

The Dow Jones industrial average fell 111 points, or 0.6 percent, to 17,675. The Standard and Poor's 500 index slipped 11 points, or 0.5 percent, to 2,085. The Nasdaq composite lost 19 points, or 0.4 percent, to 4,927.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.81 percent.