clearn.png
Tuesday May 18th, 2021 6:38AM

Technology shares pull broader market lower in early trading

By The Associated Press
Related Articles
  Contact Editor

Stocks were solidify lower in early trading Tuesday, dragged down by banks and big technology companies like Apple and Google. Investors continue to focus on corporate earnings and the economic recovery, as eyes start turning to this week's jobs report.

The S&P 500 index was down 1% as of 10:10 a.m. Eastern. The Dow Jones Industrial Average fell 0.6% and the technology-heavy Nasdaq Composite dropped 2%. The Russell 2000 index of small-company stocks was down 2% as well.

Big technology shares were dragging down the entire market. Apple fell 3%, Facebook shares were down 2%, Google's parent company was down 2% as well and Amazon was down 1.5%. The declines added to the drop in tech shares that happened late Monday, which caused the Nasdaq to end yesterday's session in the red.

Bank stocks were also down, following bond yields lower. Wells Fargo, Bank of America, JPMorgan Chase and Citigroup were all down 1% or more. The yield on the 10-year U.S. Treasury note dropped sharply to 1.55% from 1.60% the day before.

Saudi Aramco said Tuesday its profits soared by 30% in the first-quarter of the year, compared to last year, riding on the back of higher crude oil prices and recovering demand as major economies claw their way out of recession, easing restrictions amid coronavirus vaccine rollouts.

Until this week, stocks have been grinding higher on expectations of an economic recovery and strong company profits this year as large-scale coronavirus vaccination programs help people return to jobs and normal activities after more than a year of restrictions. Massive support from the U.S. government and the Federal Reserve, and increasingly positive economic data, have also helped put investors in a buying mood, keeping stock indexes near their all-time highs.

More than half of the companies in the S&P 500 have reported their results so far this earnings season, which show profit growth of 54% so far, according to FactSet.

On Monday, Federal Reserve Chairman Jerome Powell said the economic outlook has “clearly brightened” in the United States, but the recovery remains too uneven.

Investors will get a closely watched jobs report on Friday. Economists expect that U.S. employers hired 975,000 workers last month as the economy accelerated out of the pandemic and vaccines rolled out nationwide. The unemployment rate is expected to drop to 5.8% from 6%.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
House GOP leader cites rank-and-file concerns about Cheney
House Minority Leader Kevin McCarthy is amplifying pressure on No. 3 House Republican leader Liz Cheney
10:39AM ( 4 minutes ago )
After 11% profit spike in Q1, CVS outlook for year gets rosy
CVS Health hiked its 2021 forecast and beat Wall Street’s first-quarter expectations as a growing insurance business countered hits the health care giant took from a weak cold and flu season
10:28AM ( 15 minutes ago )
Technology shares pull broader market lower in early trading
Stocks were solidly lower in early trading Tuesday, dragged down by banks and big technology companies like Apple and Google
10:27AM ( 16 minutes ago )
Associated Press (AP)
Food of the future? EU nations put mealworms on the menu
Dried yellow mealworms could soon be hitting supermarket shelves and restaurants across Europe
9:21AM ( 1 hour ago )
Vaccine sales power Pfizer through first quarter
Pfizer is raising its 2021 revenue expectations amid the successful rollout of its COVID-19 vaccine and strong performances from many  other medicines
9:14AM ( 1 hour ago )
Wine that went to space for sale with $1 million price tag
A bottle of French wine that spent more than a year in orbit aboard the International Space Station is up for sale
9:09AM ( 1 hour ago )
AP Business
Pfizer ups expectations for the year
Pfizer is raising its revenue expectations for the year with a huge roll out of its COVID-19 vaccine as well as strong performances from other parts of its business
7:13AM ( 3 hours ago )
The Latest: NKorea bows out of soccer matches, citing virus
South Korean officials say North Korea has told Asia’s soccer governing body it would not participate in World Cup qualifiers scheduled to be played in South Korea next month because of coronavirus concerns
7:08AM ( 3 hours ago )
CVS ups outlook after a slow start to the year
CVS Health beat Wall Street expectations and after releasing projections earlier this year that disappointed analysts, a new outlook Tuesday exceeds those levels
7:02AM ( 3 hours ago )
AP Business - Corporate News
The Latest: Kuwait to bar unvaccinated from traveling abroad
Kuwait’s government is barring unvaccinated residents from traveling abroad starting later this month, the latest attempt to tame the spiraling coronavirus outbreak in the Gulf Arab sheikhdom
3:58AM ( 6 hours ago )
The Latest: Sri Lanka receives 1st batch of Sputnik V shots
Sri Lanka has received its first batch of the Russia’s Sputnik V vaccine
11:51PM ( 10 hours ago )
The Latest: NKorea warns people to brace for virus struggle
Isolated North Korea is warning its people to brace for a prolonged struggle against the coronavirus, claiming that broadening outbreaks and muddled immunization programs in other countries show vaccines aren’t the ultimate solution
10:22PM ( 12 hours ago )
AP Business - Economy
Wall Street logs early gains Monday on strong earnings
Stocks were solidly higher Monday, and investors cheered a strong dose of positive earnings reports as well as economic data that showed the U.S. economy is growing
10:31AM ( 1 day ago )
Wall Street opening higher Monday on strong earnings
Stocks are rising on Wall Street early Monday, following markets in Europe higher on the back of strong gains by blue chip companies including Mohawk Industries, The Gap and Halliburton
9:47AM ( 1 day ago )
World shares mixed after retreat on Wall Street
Shares have opened higher in Europe after a retreat in Asia, where some markets including those in Tokyo and Shanghai were closed for holidays
5:12AM ( 1 day ago )
AP Business - Financial Markets
House GOP leader cites rank-and-file concerns about Cheney
House Minority Leader Kevin McCarthy is amplifying pressure on No. 3 House Republican leader Liz Cheney
10:39AM ( 4 minutes ago )
After 11% profit spike in Q1, CVS outlook for year gets rosy
CVS Health hiked its 2021 forecast and beat Wall Street’s first-quarter expectations as a growing insurance business countered hits the health care giant took from a weak cold and flu season
10:28AM ( 15 minutes ago )
The Latest: EU leader: Quarter of residents receive 1st shot
The president of the European Union’s executive arm says a quarter of all EU residents have now received a first dose of coronavirus vaccine
10:17AM ( 26 minutes ago )
EU delivers vaccine jabs to Balkans after China and Russia
The European Union has started delivering EU-funded coronavirus vaccines across the Balkans, where China and Russia have for months been supplying the much-needed shots and thus making political gains
10:14AM ( 29 minutes ago )
Madrid election centers on virus response, rise of far right
Madrid residents are voting in droves for a new regional assembly in an election that tests the depths of resistance to virus lockdown measures and the divide between left-wing and right-wing parties
9:46AM ( 57 minutes ago )