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Markets Right Now: Stocks edge lower on Wall Street

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

11:50 a.m.

U.S. stocks edged lower in midday trading Friday as broad gains for banks were offset by sharp drops in technology companies.

A weak profit forecast and a sales warning brought on by the U.S.-China trade war sent chipmaker Micron Technology plunging, leading losses among the broader technology sector.

Communications stocks also fell. Facebook lost 1.2%

The S&P 500 fell 5 points, or 0.2%, to 2,871.

The Dow Jones Industrial Average gained 8 points or less than 0.1% to 26,901. The Nasdaq fell 36 points, or 0.5%, to 7,994.

Bond prices fell. The yield on the 10-year Treasury rose to 1.70%.

9:35 a.m.

Stocks are opening broadly higher on Wall Street, but not enough to get the benchmark S&P 500 out of the red for the week.

Banks and industrial companies had some of the biggest gains in early trading Friday.

Wells Fargo jumped 3.9% after the troubled bank named its third CEO in as many years.

Vail Resorts soared 6.7% after reporting quarterly results that were better than analysts expected, and Las Vegas Sands rose 5.6% following news that the stock would be added to the S&P 500 index.

The S&P 500 rose 6 points, or 0.2%, to 2,983.

The Dow Jones Industrial Average rose 65 points, or 0.2%, to 26,957. The Nasdaq rose 5 points, or 0.1%, to 8,036.

Bond prices fell. The yield on the 10-year Treasury rose to 1.70%.

The Associated Press