Markets Right Now: Stocks modestly lower as earnings ramp up
Posted October 16, 2019 6:42 am.
NEW YORK — The latest on developments in financial markets (all times local):
9:40 a.m.
Stocks are opening lower on Wall Street Wednesday as investors assess a fresh batch of earnings and a weak report on retail sales.
The Commerce Department said retail sales dropped in September by the largest amount in seven months.
Abbott Laboratories fell 1.2% after its sales fell shy of estimates.
Bank of America rose 2.6% after beating analysts’ third-quarter profit forecasts.
Drug distributors Cardinal Health, McKesson and AmerisourceBergen all rose after the Wall Street Journal reported they’d reached a settlement of lawsuits tied to the nation’s opioid crisis.
The S&P 500 fell 6 points, or 0.2%, to 2,988.
The Dow Jones industrials slipped 9 points to 27,015. The Nasdaq fell 32 points, or 0.4%, to 8,116.
Bond prices rose. The yield on the 10-year Treasury fell to 1.76%.
The Associated Press
