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Markets Right Now: Slumping retailers lead US stocks lower

The latest on developments in financial markets (All times local):

4:00 p.m.

Disappointing results from several retailers led U.S. stock indexes lower on Wall Street.

Macy’s fell sharply Tuesday after warning that its profit margins could be weaker than the company had forecast earlier. Michael’s, Conn’s, Casey’s General Stores and Fred’s also dropped.

Banks and other financial companies also posted losses. Prudential Financial fell 2.2 percent.

Crude oil prices rebounded after an early slide. U.S. benchmark crude rose 1.7 percent.

The Standard & Poor’s 500 index fell 6 points, or 0.3 percent, to 2,429.

The Dow Jones industrial average lost 47 points, or 0.2 percent, to 21,136. The Nasdaq composite slipped 20 points, or 0.3 percent, to 6,275.

Bond prices rose. The yield on the 10-year Treasury fell to 2.14 percent.

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12:00 p.m.

Retailers and banks are leading major U.S. stock indexes lower in midday trading on Wall Street.

Several retailers reported disappointing results and forecasts and were moving sharply lower Tuesday. Michael’s, Conn’s and Casey’s General Stores all fell.

Banks fell along with bond yields, which push interest rates on loans lower and make it harder for banks to earn money from lending. Northern Trust fell 1.7 percent.

The Standard & Poor’s 500 index fell 3 points, or 0.1 percent, to 2,433.

The Dow Jones industrial average lost 17 points, or 0.1 percent, to 21,167. The Nasdaq composite slipped 3 points, or 0.1 percent, to 6,293.

Small-company stocks fell more than the rest of the market.

Bond prices rose. The yield on the 10-year Treasury fell to 2.14 percent.

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9:35 a.m.

Stocks are opening lower on Wall Street, led by declines in banks and industrial companies.

Retailers were also taking big losses in early trading Tuesday. Michael’s, Conn’s and Casey’s General Stores all fell sharply after releasing results or forecasts that disappointed investors.

The Standard & Poor’s 500 index fell 7 points, or 0. percent, to 2,428.

The Dow Jones industrial average lost 61 points, or 0. percent, to 21,120. The Nasdaq slipped 12 points, or 0.2 percent, to 6,283.

Small-company stocks fell more than the rest of the market. The Russell 2000 gave up 9 points, or 0.6 percent, to 1,386.

Bond prices rose. The yield on the 10-year Treasury fell to 2.14 percent.

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