Markets Right Now: Stocks erase most of an early plunge

FILE- In this Oct. 2, 2018, file photo trader Sal Suarino works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, Oct. 17. (AP Photo/Richard Drew, File)

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

4 p.m.

Stocks clawed back nearly all of an early plunge but still ended slightly lower on Wall Street, a day after the market’s biggest gain in six months.

Trading remained choppy Wednesday, with sharp drops for IBM and other technology stocks offsetting gains in banks and other financial companies.

IBM plunged 7.6 percent after reporting weak revenue figures for its latest quarter.

Netflix jumped 5.3 percent after announcing big subscriber gains, and homebuilders sank after the Commerce Department said construction of new homes dropped in September.

The S&P 500 index fell less than 1 point to 2,809.

The Dow Jones Industrial Average gave up 91 points, or 0.4 percent, to 25,706. It was down as much as 319 earlier.

The Nasdaq composite slipped 2 points to 7,642.

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11:45 a.m.

Stocks are modestly lower in midday trading on Wall Street after recovering much of an early slump.

A big loss for IBM pulled down the Dow Jones Industrial Average Wednesday, but broader market indexes weren’t down as much. IBM reported weak revenue in its latest quarter.

The wobbly trading came a day after the market had its biggest gain in more than six months.

Homebuilders sank after the Commerce Department said construction of new homes dropped in September.

Netflix jumped 4.7 percent after it announced big subscriber gains.

The S&P 500 index fell 6 points, or 0.2 percent, to 2,803.

The Dow lost 103 points, or 0.4 percent, to 25,695. It was down as much as 319 earlier.

The Nasdaq composite gave up 25 points, or 0.3 percent, to 7,620.

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9:35 a.m.

U.S. stocks are opening mostly lower on Wall Street as losses for technology companies and banks weigh on the market.

IBM slumped 7.6 percent in early trading Wednesday after reporting revenue for the latest quarter that came in below analysts’ forecasts.

Banks were also lower. Bank of America slipped 1 percent.

Netflix soared 5.8 percent after reporting solid subscriber gains.

Stocks are coming off their biggest gain in six months.

The S&P 500 index fell 7 points, or 0.3 percent, to 2,802.

The Dow Jones Industrial Average lost 170 points, or 0.7 percent, to 25,627. The Nasdaq composite gave up 34 points, or 0.5 percent, to 7,610.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 3.15 percent.

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