NEW YORK (AP) – U.S. stocks are lower Tuesday morning as energy companies once again slump with the price of oil and banks slide in tandem with bond yields and interest rates. Technology companies and consumer-focused companies continue to climb and Amazon.com surpasses $1,000 a share for the first time. Several companies used the long holiday weekend to complete acquisitions.
KEEPING SCORE: The Standard & Poor’s 500 index lost 5 points, or 0.2 percent, to 2,410 as of 10:15 a.m. Eastern time. The Dow Jones industrial average fell 65 points, or 0.3 percent, to 21,014. The Nasdaq composite dipped 7 points, or 0.1 percent, to 6,203. The Russell 2000 index of smaller-company stocks tumbled 10 points, or 0.7 percent, to 1,372.
The Standard & Poor’s 500 and Nasdaq both closed at record highs Friday.
ENERGY: Benchmark U.S. crude lost 68 cents, or 1.4 percent, to $49.12 a barrel in New York. Brent crude, the international standard, fell 95 cents, or 1.8 percent, to $51.69 a barrel in London. Hess dropped $1.22, or 2.5 percent, to $46.92 and Exxon Mobil shed 40 cents to $81.15. The S&P 500 index of energy companies reached its lowest level in a year.
BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.22 percent from 2.25 percent late Friday. When bond yields decrease, interest rates fall along with them, and that reduces the profits banks can make from mortgages and other loans. PNC Financial Services gave up $1.70, or 1.4 percent, to $119.62 and JPMorgan Chase declined 49 cents to $84.87.