News

Markets Right Now: US stocks move lower

NEW YORK, N.Y. – The latest on developments in global financial markets (all times local):

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11:45 a.m.

Stocks are moving broadly lower on Wall Street following a surprisingly weak trade report from China.

Bank stocks fell the most in midday trading Thursday. Wells Fargo slumped 2 per cent after the bank’s embattled CEO abruptly left the company late Wednesday.

Companies that make basic materials also fell. Many of those companies rely heavily on exports to China, the world’s second-largest economy.

Copper miner Freeport-McMoRan slumped 7 per cent, the biggest loss in the Standard & Poor’s 500 index.

The Dow Jones industrial average fell 127 points, or 0.7 per cent, to 18,016.

The S&P 500 index declined 14 points, or 0.7 per cent, to 2,124. The Nasdaq composite fell dropped 39 points, or 0.8 per cent, to 5,199.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.74 per cent.

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9:35 a.m.

Stocks are opening broadly lower on Wall Street following a surprisingly weak trade report from China.

Miners and other companies that make basic materials fell the most in early trading Thursday. Many of those companies rely heavily on exports to China, the world’s second-largest economy.

Copper miner Freeport-McMoRan slumped 6 per cent, the biggest loss in the Standard & Poor’s 500 index.

Delta Air Lines slumped 3 per cent after reporting revenue that fell short of forecasts.

The Dow Jones industrial average fell 121 points, or 0.7 per cent, to 18,022.

The Standard & Poor’s 500 index declined 16 points, or 0.8 per cent, to 2,122. The Nasdaq composite fell dropped 43 points, or 0.8 per cent, to 5,195.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.74 per cent.