Markets Right Now: Banks lead stocks lower on Wall Street

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

11:45 a.m.

Stocks are moving lower on Wall Street as investors shifted to a more cautious stance following another record high for the S&P 500 a day earlier.

Banks led the decline Thursday as bond yields fell sharply. Bank of America gave up 1.7%.

Bond yields were falling following a surprisingly weak report on business activity in the Midwest.

Technology stocks fell, despite solid gains from Apple following its encouraging earnings report.

Facebook also rose after releasing surprisingly good third-quarter results.

The S&P 500 fell 18 points, or 0.6%, to 3,028.

The Dow Jones Industrial Average fell 208 points, or 0.8%, to 26,989. The Nasdaq fell 33 points, or 0.4%, to 8,270.

Bond prices rose. The yield on the 10-year Treasury fell to 1.71% from 1.79% a day earlier.


9:35 a.m.

Stocks are opening mostly lower on Wall Street as banks and industrial companies decline, pulling the S&P 500 slightly below the record high it set a day earlier.

Technology and communications companies were bucking the trend and moving higher in early trading on Thursday.

Facebook jumped 4.6% after reporting a surge in earnings and steady growth in its user base.

Apple rose 1.6% after its earnings beat analysts’ estimates, despite reporting a drop in revenue from iPhone sales.

The S&P 500 fell 2 points, or 0.1%, to 3,044.

The Dow Jones Industrial Average fell 40 points, or 0.1%, to 27,145. The Nasdaq rose 13 points, or 0.2%, to 8,319.

Bond prices rose. The yield on the 10-year Treasury fell to 1.74%.

The Associated Press