Stocks fall in early trading on Wall Street as Big Tech lags

The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020. Stocks are off to a mostly lower start on Wall Street as the market comes off its worst weekly decline since February. The S&P 500 was off 0.1% in the early going Monday, May 17, 2021. (AP Photo/Seth Wenig, File)

Stocks fell in early trading on Wall Street Monday as the market comes off of its worst weekly decline since February.

Big Tech stocks were the heaviest weights pulling the major indexes lower. The sector has been responsible for big swings in either direction over the last few weeks as investors weigh the impact of rising inflation and a broad economic recovery. Less risky sectors, including utilities and a range of companies that focus on household staples were doing better than most of the market.

The S&P 500 index fell 0.4% as of 10:15 a.m. Eastern. The Dow Jones Industrial Average fell 121 points, or 0.4%, to 34,260 and the Nasdaq fell 0.8%.

Apple fell 1.3% and Microsoft fell 1.5%, while several chipmakers also slipped.

AT&T rose 4.7% and Discovery gained 3.6% after the companies announced a $43 billion deal that will combine several major media and streaming entertainment businesses. The new company combines AT&T's CNN and HBO channels with Discovery's Food Network and HGTV.

Steelmakers got a boost from the suspension of key measures in a tariff dispute between the U.S. and European Union. Nucor rose 1.8% and United States Steel rose 1.4%.

Crude oil prides rose and helped lift several energy companies. Exxon Mobil rose 0.6%,

Bond yields edged higher. The yield on the 10-year Treasury rose to 1.64% from 1.63% late Friday.

European markets were mostly lower and Asian markets ended mixed.