Markets Right Now: US stock indexes edge lower at midday

AP News
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Posted: Jan 08, 2018 11:58 AM

The latest on developments in financial markets (All times local):

11:45 a.m.

Stocks are mostly lower on Wall Street as a New Year's rally loses steam.

Weakness in health care companies and banks was outweighing gains for retailers and other sectors in midday trading Monday.

Drugmaker AbbVie was down 1.7 percent, while Citigroup was off 1.2 percent.

Several retailers were higher. Kohl's jumped 5.9 percent after reporting strong holiday sales.

Camera maker GoPro plunged 20 percent after announcing weak sales and a restructuring.

The Standard & Poor's 500 index slipped a fraction of a point to 2,742.

The Dow Jones industrial average gave up 33 points, or 0.1 percent, to 25,263. The Nasdaq composite edged up 12 points, or 0.2 percent, to 7,148.

Bond prices didn't move much. The yield on the 10-year Treasury held steady at 2.48 percent.

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9:35 a.m.

Stock indexes are opening slightly lower on Wall Street as losses in banks and health care stocks outweigh gains in other sectors.

Drugmaker AbbVie was down 1.9 percent in early trading Monday, one of the biggest losses in the Standard & Poor's 500 index. Bank of America was down about 1 percent.

Several retailers were higher. Kohl's jumped 6.8 percent after reporting strong holiday sales. Crocs rose 3.4 percent and Boot Barn climbed 1.5 percent. Macy's gained 1.6 percent.

The S&P 500 index slipped 4 points, or 0.2 percent, to 2,738.

The Dow Jones industrial average gave up 48 points, or 0.2 percent, to 25,245. The Nasdaq composite edged down 8 points, or 0.1 percent, to 7,128.