Markets Right Now: Tech rout erases stocks’ gain for year
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are opening sharply lower on Wall Street as a rout in major technology companies continued.
Apple sank another 3.8 percent in early trading Tuesday and Microsoft gave up 2.5 percent.
The early drops put major indexes back into the red for the year.
Tech stocks were among the biggest decliners in Europe, too. Nokia, a big supplier of telecom networks, fell 4 percent, while its Swedish rival Ericsson lost 3.5 percent.
The only stocks that rose were utilities and other safe-play companies.
The S&P 500 fell 36 points, or 1.3 percent, to 2,654.
The Dow Jones Industrial Average lost 421 points, or 1.7 percent, to 24,598. The Nasdaq lost 133 points, or 1.9 percent, to 6,893.
Bond prices rose. The yield on the 10-year Treasury fell to 3.05 percent.