Stocks Lower in Early Trade

Stocks Lower in Early Trade

(AP) -- U.S. stocks moved broadly lower in early trading Thursday, giving back the market's gains from the day before. Technology and financial stocks were down the most. Investors were turning their focus to the next wave of corporate earnings reports in the weeks ahead.

KEEPING SCORE: The Dow Jones industrial average slid 145 points, or 0.7 percent, to 19,808 as of 10:16 a.m. Eastern Time. The Standard & Poor's 500 index lost 16 points, or 0.8 percent, to 2,258. The Nasdaq composite index fell 55 points, or 1 percent, to 5,508.

BANK WOES: Banks and other financial companies were down as the yield on the 10-year Treasury note moved lower. Lower yields mean lower interest rates on loans and lower profits for banks. JPMorgan Chase slid 44 cents to $86.64, while Cincinnati Financial shed $2.10, or 2.8 percent, to $72.79. PNC Financial Services Group lost $2.38, or 2 percent, to $118.40.

TRUMP TALK: Drugmakers continued to take losses a day after President-elect Donald Trump criticized their pricing policies, saying new bidding procedures are needed to stem rises in drug costs. PTC Therapeutics shed 45 cents, or 3 percent, to $14.64, while Vertex Pharmaceuticals slipped 40 cents to $81.53. Abbott Laboratories fell 41 cents, or 1 percent, to $40.67.

HEFTY CHARGE: Hess slumped 7.3 percent after the oil company said it will take a $3.8 billion charge in the fourth quarter. The stock fell $4.54 to $57.30.

MARKETS OVERSEAS: In Europe, Germany's DAX was down 0.8 percent, while France's CAC 40 was 0.3 percent lower despite new data showing eurozone industrial production jumped 1.5 percent in November. Britain's FTSE 100 was flat. In Asia, Japan's benchmark Nikkei 225 dropped 1.2 percent. Hong Kong's Hang Seng dipped 0.5 percent, while Australia's S&P/ASX 200 slipped 0.1 percent. South Korea's Kospi bucked the trend to rise 0.6 percent.

RESPLENDENT RISER: Tiffany & Co. was the biggest gainer in the S&P 500, rising $2.40, or 3.1 percent, to $80.14.

ENERGY: Benchmark crude oil was up 98 cents, or 1.9 percent, at $53.23 a barrel in New York. Brent crude, which is used to price oil sold internationally, was up $1.18, or 1.2 percent, at $56.28 a barrel in London.

BONDS: Bond prices rose. The yield on the 10-year Treasury slipped to 2.33 percent from 2.37 percent late Wednesday.

CURRENCIES: The dollar fell to 114.31 yen from 115.43 on Wednesday. The euro was rising at $1.0649 from $1.0576. The pound, which had been weakening recently amid concern that Britain might break off completely from the European Union's single market, was moving higher versus the dollar Thursday. The British currency was trading at $1.2264, up from $1.2208.

(KA)