Markets Right Now: Stocks drop on economic worries

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

4 p.m.

Stocks are closing lower on Wall Street Tuesday with technology and communications stocks leading the declines.

Reports showing a drop in consumer confidence and weakness in the housing market, plus some cautionary remarks from the head of the Federal Reserve, weighed on investor sentiment.

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The S&P 500 dropped 27 points, or 1%, to 2,917. It's the biggest loss of the month for the benchmark index.

Among tech stocks, Microsoft fell 3.2% and Adobe slipped 4%. Google parent Alphabet fell 2.6% and Netflix lost 2.9% as internet companies slumped.

The Dow Jones Industrial Average dropped 179 points, or 0.7%, to 26,548. The Nasdaq composite fell 120 points, or 1.5%, to 7,884.

Bond prices rose. The yield on the 10-year Treasury fell to 2.00%.

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12:00 p.m.

Stocks are lower on Wall Street at midday Tuesday with technology and communications stocks leading the declines.

Health care companies are rising after AbbVie said it will pay $63 billion for Botox maker Allergan. Shares of Allergan jumped 26.7% while AbbeVie shares fell 15.1%.

Investors are waiting on a speech by Fed Chairman Jerome Powell Tuesday afternoon for any signal on the direction of interest rates.

Among tech stocks, Microsoft fell 2.3% and Adobe slipped 2%.

The S&P 500 is down 9 points or 0.3% at 2,936. The Dow Jones Industrial Average is down 37 points, or 0.1%, at 26,690. The Nasdaq composite is down 48 points or 0.6% at 7,957.

Bond prices rose. The yield on the 10-year Treasury fell to 1.99%.

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9:35 a.m.

Stocks are opening slightly lower on Wall Street Tuesday. Health care companies are leading the gainers after AbbVie said it will pay $63 billion for Botox maker Allergan. AbbeVie shares fell nearly 12% and Allergan jumped 28%.

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Energy stocks lost ground. Concho Resources fell 1.1% and National Oilwell Varco lost nearly 1%.

Investors awaited a speech by Fed Chairman Jerome Powell later Tuesday for any signal on the direction of interest rates.

The S&P 500 is down 2 points or 0.1% at 2,942. The Dow Jones Industrial Average is down 7 points at 26,718. The Nasdaq composite is down 16 points or 0.2% at 7,900. All three indexes are still showing solid gains for the month of June.

Bond prices rose. The yield on the 10-year Treasury fell to 1.99%.

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