US stocks drift lower in early trading, extending a slump; Gap plunges on weak October results

NEW YORK, N.Y. – Stocks are drifting lower in early trading, extending a slump that has brought the market lower for the past four trading days.

Traders found little to like early Tuesday in the latest corporate news.

Gap plunged 6 per cent after the company posted disappointing results for October, and Rockwell Automation fell 4 per cent after the company’s earnings came in short of what analysts were looking for.

The Dow Jones industrial average was down 19 points, or 0.1 per cent, to 17,716 as of 9:35 a.m. Eastern time Tuesday.

The Standard & Poor’s 500 index fell a fraction of a point to 2,078. The Nasdaq composite gave up 20 points, or 4 per cent, to 5,076.

Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 2.34 per cent.