Markets Right Now: US stocks edge lower in midday trade

AP News
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Posted: Mar 02, 2017 11:58 AM

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

11:45 a.m.

Banks and other financial companies are leading a modest decline on the stock market a day after indexes soared to their latest record highs.

Citizens Financial slumped 2.5 percent Thursday.

Banks had soared a day earlier as investors hoped that higher interest rates would help them earn more from lending.

Energy companies also fell along with the price of crude. Devon Energy lost 2.3 percent.

Shake Shack fell 3 percent after its sales missed estimates.

Snap, which runs the Snapchat messaging app, soared 50 percent in its stock market debut.

The Dow Jones industrial average fell 39 points, or 0.2 percent, to 21,075.

The Standard & Poor's 500 index slipped 9 points, or 0.4 percent, to 2,386. The Nasdaq composite fell 27 points, or 0.5 percent, to 5,877.

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9:35 a.m.

Stocks are easing lower in early trading on Wall Street, a day after the market notched its latest record highs.

Several companies were moving lower after reporting disappointing results or forecasts.

Shake Shack slipped 3.5 percent after its sales missed estimates and its forecasts fell short of what analysts were looking for.

Supermarket operator Kroger dropped 3 percent after it said business conditions for the first half of the year will remain difficult.

Snap, which runs the Snapchat messaging app, will make its stock market debut later Thursday.

The Dow Jones industrial average fell 10 points to 21,105.

The Standard & Poor's 500 index slipped 4 points, or 0.2 percent, to 2,391. The Nasdaq composite fell 11 points, or 0.2 percent, to 5,892.