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Friday December 13th, 2019 11:53PM

Banks lead stocks lower, erasing some of prior day's gains

By The Associated Press
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U.S. stocks declined in morning trading Tuesday, giving up much of the market's gain from a day earlier. Losses in banks, technology stocks and industrial companies outweighed gains elsewhere in the market. Homebuilders slumped on renewed concerns that the outlook for home sales is dimming. Smaller-company stocks fell more than the rest of the market. Bond prices rose, sending yields sharply lower.

KEEPING SCORE: The S&P 500 index fell 18 points, or 0.7 percent, to 2,771 as of 11:12 a.m. Eastern Time. The Dow Jones Industrial Average dropped 171 points, or 0.7 percent, to 25,655. The Nasdaq composite lost 54 points, or 0.7 percent, to 7,387. The Russell 2000 index of smaller-company stocks gave up 18 points, or 1.2 percent, to 1,530.

U.S. stock markets will be closed Wednesday in observance of a national day of mourning for former President George H.W. Bush.

TECH TUMBLE: Several chipmakers were among the biggest decliners in a technology sector slide. Advanced Micro Devices dropped 3.6 percent to $22.86, while Micron Technology lost 4.1 percent to $38.38.

HOUSING HICCUP: Homebuilders traded lower after luxury homebuilder Toll Brothers issued a cautious assessment of the housing market. Toll's shares were flat at $33.55, recovering from a morning sell-off. Hovnanian Enterprises led most builders lower, giving up 3.3 percent to $1.18.

TAKING A BITE: Apple fell 1.8 percent to $181.44 after the consumer electronics giant was downgraded by HSBC analysts, citing the possibility that iPhone volume and value growth may moderate due to a saturated mobile phone market.

DISAPPOINTING DOLLAR: Discount retail chain Dollar General slid 4.6 percent to $106.61 after the company reported weak quarterly results.

REVVED UP: AutoZone climbed 6.4 percent to $877.22 after the auto parts retailer delivered third-quarter earnings that exceeded analysts' forecasts.

ENERGY: Oil prices headed higher ahead of an OPEC meeting on Thursday, where members are expected to agree to cut output in 2019. Benchmark U.S. crude rose 0.5 percent to $53.20 per barrel in New York. Brent crude, the international standard, added 1 percent to $62.31 per barrel in London.

BOND YIELDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.95 percent from 2.99 percent late Monday. The slide in bond yields, which affect interest rates on mortgages and other consumer loans, weighed on bank stocks. Citigroup fell 2.8 percent to $63.36.

CURRENCIES: The dollar weakened to 113 yen from 113.69 yen late Monday. The euro strengthened to $1.1349 from $1.1342. The British pound fell to $1.2727 from $1.2728 after a top official at the European Union's highest court advised that Britain can unilaterally change its mind about leaving the EU as scheduled on March 29.

MARKETS OVERSEAS: In Europe, Germany's DAX fell 0.8 percent, while France's CAC 40 dropped 0.5 percent. The FTSE 100 index of leading British shares slid 0.3 percent. Major indexes in Asia finished mixed. Japan's Nikkei 225 index gave up 2.4 percent and the Kospi in South Korea lost 0.8 percent. Hong Kong's Hang Seng added 0.3 percent. The S&P ASX/200 in Australia gave up 1 percent.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
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