Stocks Fall Further As Tech Tumble Continues

NEW YORK (AP) — U.S. stocks remain split as trading begins Monday, with energy companies and oil prices climbing and technology stocks sinking. Even though major indexes are lower, more stocks are rising than falling. Small-company stocks did better than the rest of the market. General Electric jumped after the conglomerate said CEO Jeffrey Immelt will step down.

KEEPING SCORE: The Standard & Poor’s 500 index sagged 10 points, or 0.4 percent, to 2,421 as of 10 a.m. Eastern time. The Dow Jones industrial average, which closed at a record high Friday, lost 68 points, or 0.3 percent, to 21,201. The Nasdaq composite dropped 79 points, or 1.3 percent, to 6,129. The Russell 2000 index of small-company stocks edged up 1 point, or 0.1 percent, to 1,422. The Russell is trading above the record high close it set on Friday.

TECH SELL-OFF: Big-name technology companies continued to fall. The stocks gave up a month of gains Friday, and on Monday, Apple shed $6.08, or 4.1 percent, to $142.90 while Google parent Alphabet lost $29.62, or 3.1 percent, to $940.50. Facebook fell $3.96, or 2.6 percent, to $145.64 while Microsoft sank $2.04, or 2.9 percent, to $68.28. Elsewhere, chipmakers fell, with Nvidia off $6.37, or 4.3 percent, at $143.23 and Advanced Micro Devices down 65 cents, or 5.3 percent, to $11.63. Software maker Adobe Systems gave up $.597, or 4.3 percent, to $132.08.

Technology stocks have done far better than the rest of the market this year and they were trading close to all-time highs before Friday’s drop. The S&P 500 technology index shed 2.7 percent Friday for one of its worst days of the year.

IMMELT DOWN: GE said Immelt would step down after 16 years running the company. John Flannery, the head of GE’s health care division, will take over the post in August. Immelt will remain GE’s chairman until the end of this year. In recent years GE has sold or split off numerous businesses, including its financial services division, and focused on new technologies as it returned to its roots as an industrial company.

GE stock gained $1.07, or 3.8 percent, to $29.01.

ENERGY: Benchmark U.S. crude added 62 cents, or 1.4 percent, to $46.45 a barrel in New York. Brent crude, used to price international oils, added 67 cents, or 1.4 percent, to $48.82 a barrel in London. Among energy companies, Exxon Mobil rose $1.26, or 1.5 percent, to $83.39 and Chevron picked up $1.54, or 1.4 percent, to $107.94.

FED ON DECK: The Federal Reserve will meet Tuesday and Wednesday, and investors expect the central bank to raise interest rates for the third time since December.

BONDS: Bond prices inched lower. The yield on the 10-year Treasury note rose to 2.22 percent from 2.20 percent late Friday. That sent banks higher, as higher yields mean higher interest rates and bigger profits on lending. Citigroup added 36 cents to $64.81 and Bank of America advanced 19 cents to $23.87.

CURRENCIES: The dollar fell to 109.88 yen from 110.20 yen. The euro rose to $1.1213 from $1.1195. The British pound continued to fall. It slid to $1.2674 from $1.12724 following the U.K.’s general election, which left the Conservative party with a weaker hold on the government that could affect the country’s bargaining position in its exit talks with the European Union.

OVERSEAS: European stocks also stumbled. France’s CAC 40 dropped 1 percent while Germany’s DAX dropped 0.9 percent. Britain’s FTSE 100 was little changed. The benchmark Nikkei 225 in Japan slipped 0.5 percent and South Korea’s Kospi declined 1 percent. The Hang Seng of Hong Kong lost 1.3 percent.

___

AP Markets Writer Marley Jay contributed to this story. He can be reached at http://twitter.com/MarleyJayAP

His work can be found at https://apnews.com/search/marley%20jay

No Comment