NEW YORK — The latest on developments in financial markets (All times local):
11:45 a.m.
Stocks are edging lower in midday trading on Wall Street as a post-election surge loses momentum.
Health care and technology companies are taking some of the largest losses Friday.
Retailers Gap and Abercrombie & Fitch are dropping after they gave weak quarterly reports, while discount retailer Ross Stores is climbing.
The Dow Jones industrial average fell 34 points, or 0.2 per cent, to 18,869.
The Standard & Poor’s 500 index lost 5 points, or 0.2 per cent, to 2,181. The Nasdaq composite slipped 12 points, or 0.2 per cent, to 5,321.
Bond yields continued to rise as investors sold off U.S. government debt. The yield on the 10-year Treasury note rose to 2.33 per cent, its highest level in a year.
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9:35 a.m.
Stocks are opening slightly lower on Wall Street as investors look over a mixed bag of earnings from retailers.
Gap plunged 10 per cent early Friday after the clothing store chain said its earnings dropped almost 18 per cent in the latest quarter. Gap said it was seeing less foot traffic in its stores heading into the holiday shopping season.
Abercrombie & Fitch sank 11 per cent after reporting that a key sales measure fell for the third straight quarter.
Ross Stores jumped 4 per cent after reporting earnings and revenue that came in ahead of analysts’ forecasts.
The Dow Jones industrial average slipped 19 points, or 0.1 per cent, to 18,884.
The Standard & Poor’s 500 index lost a point to 2,186. The Nasdaq composite was little changed at 5,341.
The Associated Press
