U.S. Markets closed

Markets Right Now: Banks lead US stocks slightly lower

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

4 p.m.

Banks led stocks modestly lower on Wall Street, erasing some of the markets' gains from a big rally a day earlier.

Financial companies were weak Tuesday as investors piled into U.S. government bonds, which sent yields lower.

Lower yields mean lower profits for banks because they send interest rates on mortgages and other loans down. Citigroup lost 1.7%.

Investors were also unnerved because long-term yields once again fell below short-term ones, a rare phenomenon that has correctly predicted previous recessions.

J.M. Smucker plunged 8.2% after turning in weak results.

The S&P 500 fell 9 points, or 0.3%, to 2,869.

The Dow Jones Industrial Average lost 120 points, or 0.5%, to 25,777. The Nasdaq fell 26 points, or 0.3%, to 7,826.

The yield on the 10-year Treasury fell to 1.48%.

___

11:45 a.m.

Stocks gave up an early gain and were wavering between small gains and losses in midday trading on Wall Street.

Health care stocks were still higher Tuesday, led by a 2.3% rise in Johnson & Johnson. A ruling against the company in an Oklahoma opiod case wound up being less than investors were expecting.

Troubled pizza company Papa John's rose 7% after naming a new CEO.

J.M. Smucker plunged 9% after turning in weak results.

The S&P 500 was little changed at 2,880.

The Dow Jones Industrial Average edged up 8 points, less than 0.1%, to 25,907. The Nasdaq edged down 2 points to 7,849.

Bond prices rose sharply, sending yields lower. The yield on the 10-year Treasury fell to 1.48%.

___

9:35 a.m.

Stocks are rising in early trading on Wall Street as technology and health care stocks post solid gains.

Texas Instruments added 1.4% Tuesday. Johnson & Johnson rose 1.9% after a ruling against the company in an Oklahoma opiod case wound up being less than investors were expecting.

Troubled pizza company Papa John's rose 5% after naming a new CEO. J.M. Smucker sank 6.8% after turning in weak results.

The S&P 500 rose 15 points, or 0.5%, to 2,893.

The Dow Jones Industrial Average climbed 118, or 0.5%, to 26,022. The Nasdaq rose 43, or 0.6%, to 7,898.

Bond prices rose. The yield on the 10-year Treasury fell to 1.51%.