Markets Right Now: Stocks erase an early gain and turn lower

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

Noon

U.S. stocks are turning lower in midday trading as a big loss from Apple drags technology companies lower.

Higher bond yields are also hurting high-dividend companies Friday.

Apple sank 7 percent after forecasting weak revenue. It also startled investors by saying it will stop disclosing quarterly iPhone sales.

Stocks had surged over the previous three days and they’re still on pace for a big weekly gain after skidding in October.

Starbucks jumped 10 percent after reporting banner sales last quarter.

The S&P 500 fell 20 points, or 0.8 percent to 2,719.

The Dow Jones Industrial Average fell 128 points, or 0.5 percent, to 25,251. The tech-heavy Nasdaq composite lost 80 points, or 1.1 percent, to 7,353.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.20 percent.

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9:35 a.m.

Stocks are opening mostly higher on Wall Street after the government reported another month of solid job growth.

Banks and health care companies led the early gains on Wall Street Friday, but technology stocks were held back by a drop in Apple after the company issued a weak sales forecast.

Apple fell 4.7 percent. The company also rattled investors by saying it would no longer disclose the number of iPhones it sells each quarter.

Starbucks jumped 10 percent after reporting banner sales last quarter.

The S&P 500 rose 10 points, or 0.4 percent to 2,751.

The Dow Jones Industrial Average climbed 162 points, or 0.6 percent, to 25,542. The tech-heavy Nasdaq slipped 1 point to 7,431.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.17 percent.

Categories: National News