Markets Right Now: Stocks extend losses on Wall Street

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

12:00 p.m.

Stocks are extending their losses at midday as investors opened the week heading for safety amid heightened anxiety over the U.S.-China trade war.

Investors fear that U.S. President Donald Trump's impending Sept. 1 tariff hike on more Chinese imports will scuttle talks aimed at ending their trade war.

Technology companies and banks bore the brunt of the selling. Chipmaker Qualcomm fell 1.2%.

Bank of America and Citigroup fell broadly as bond yields dipped. The yield on the benchmark 10-year Treasury fell to 1.67%

The S&P 500 fell 24 points, or 0.8%, to 2,894.

The Dow Jones Industrial Average lost 258 points, or 1%, to 26,029. The Nasdaq fell 52 points, or 0.7%, to 7,906.

The yield on the 10-year Treasury fell to 1.66%.

____

9:35 a.m.

Stocks are edging lower in early trading on Wall Street amid investor concerns that the U.S.-China trade war may be worsening.

Investors fear that U.S. President Donald Trump's impending Sept. 1 tariff hike on more Chinese imports will scuttle talks aimed at ending their trade war.

Banks and industrial stocks are leading the market lower Monday. Bank of America is down 2.4% and Citigroup is down 2.1%, while General Electric is down 2.2%.

The S&P 500 fell 17 points, or 0.6%, to 2,900.

The Dow Jones Industrial Average lost 204 points, or 0.8%, to 26,079. The Nasdaq fell 53 points, or 0.7%, to 7,905.

The yield on the 10-year Treasury fell to 1.68%.

Other News

Asian stocks drift pending fresh news; oil takes a breather

Aug 16, 2016

Asian stock markets drifted sideways on Tuesday as the price of oil took a breather from a three-day rally

Insurers continue to abandon ACA exchanges, limiting choice

Aug 16, 2016

Aetna will abandon for next year Affordable Care Act insurance exchanges in more than two-thirds of the counties where it sells coverage, making it the latest major health insurer to cuts choices in many markets

Fed minutes: Conditions could 'soon warrant' a rate hike

Aug 17, 2016

Fed minutes: Conditions could 'soon warrant' rate hike, as near-term risks have diminished

The Budget Report seeks to provide comprehensive coverage and analysis on the current economic, financial issues around the world. First hand finance and economic news all day, every day.