Lagging Technology Stocks Dragging US Market Lower
NEW YORK (AP) — Another slide in technology stocks is dragging U.S. indexes lower in early trading.
Video game store operator GameStop sank 8 percent after reporting lower sales and income than investors were expecting.
The Standard & Poor’s 500 index fell seven points, or 0.4 percent, to 1,844 in the first few minutes of trading Thursday. The index turned negative for the year.
The Dow Jones industrial average fell 54 points, or 0.3 percent, to 16,220. The tech-heavy Nasdaq composite lost 26 points, or 0.6 percent, to 4,148.
Citigroup fell 5 percent after the Federal Reserve denied the bank’s request to raise its dividend and buy back more stock.
The yield on the 10-year Treasury note held steady at 2.69 percent.
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