Markets Right Now: Banks, tech lead US stocks broadly lower

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

4:00 p.m.

Banks and technology companies led stocks broadly lower on Wall Street, extending a two-week slide brought on by escalations of the trade conflict between the U.S. and China that investors fear will slow down the global economy.

The Dow Jones Industrial Average fell almost 400 points Monday.

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Traders seeking safety shifted more money into U.S. government bonds, sending Treasury prices sharply higher and yields lower. The yield on the 10-year Treasury fell to 1.64% from 1.73% late Friday, a big move.

Adobe fell 2.1%, and Bank of America gave up 2.4%.

The S&P 500 fell 36 points, or 1.2%, to 2,882.

The Dow lost 391 points, or 1.5%, to 25,896. The Nasdaq fell 95 points, or 1.2%, to 7,863.

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12:00 p.m.

Stocks are extending their losses at midday as investors opened the week heading for safety amid heightened anxiety over the U.S.-China trade war.

Investors fear that U.S. President Donald Trump’s impending Sept. 1 tariff hike on more Chinese imports will scuttle talks aimed at ending their trade war.

Technology companies and banks bore the brunt of the selling. Chipmaker Qualcomm fell 1.2%.

Bank of America and Citigroup fell broadly as bond yields dipped. The yield on the benchmark 10-year Treasury fell to 1.67%

The S&P 500 fell 24 points, or 0.8%, to 2,894.

The Dow Jones Industrial Average lost 258 points, or 1%, to 26,029. The Nasdaq fell 52 points, or 0.7%, to 7,906.

The yield on the 10-year Treasury fell to 1.66%.

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9:35 a.m.

Stocks are edging lower in early trading on Wall Street amid investor concerns that the U.S.-China trade war may be worsening.

Investors fear that U.S. President Donald Trump’s impending Sept. 1 tariff hike on more Chinese imports will scuttle talks aimed at ending their trade war.

Banks and industrial stocks are leading the market lower Monday. Bank of America is down 2.4% and Citigroup is down 2.1%, while General Electric is down 2.2%.

The S&P 500 fell 17 points, or 0.6%, to 2,900.

The Dow Jones Industrial Average lost 204 points, or 0.8%, to 26,079. The Nasdaq fell 53 points, or 0.7%, to 7,905.

The yield on the 10-year Treasury fell to 1.68%.

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