MARKETS: Banks and tech companies drive a broad slide in stocks, knocking the Dow Jones 400 points lower.
Banks and technology companies drove a broad slide in stocks on Wall Street Monday afternoon that knocked the Dow Jones Industrial Average more than 300 points lower.
Traders shifted money into U.S. government bonds Monday, sending bond prices higher. That pulled down the yield on the 10-year Treasury to 1.65% from 1.73% late Friday. The yield is used as a benchmark for interest rates on mortgages and other consumer loans. Real estate and utilities stocks posted the smallest declines. Traders usually seek the shelter of utilities and bonds when they want a more secure place to put their money because of concerns over economic growth.
KEEPING SCORE: The S&P 500 index was down 1% as of 2 p.m. Eastern time. The Dow Jones Industrial Average fell 316 points, or 1.2%, to 25,970. The Nasdaq composite dropped 1%. The Russell 2000 index of smaller companies fell 1.1%. Trump has said he'd be"fine" if the U.S. and China don't go ahead with a meeting next month, dampening investors' hopes for a path to resolving the economically damaging trade war.
FEEDING GROWTH: Sysco rose 3.5% after the food distributor beat Wall Street's fiscal fourth quarter profit forecasts. The company's revenue edged higher on growth from its U.S. operations.
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