Markets Right Now: Steep drop in tech pulls indexes lower
The latest on developments in financial markets (All times local):
11:45 a.m.
Steep drops in technology stocks are pulling U.S. market indexes mostly lower in midday trading, offsetting gains in banks.
Several big names in the tech sector were lower Wednesday. Chipmakers Micron and Nvidia each lost about 8 percent. The sector remains by far the biggest winner on the market so far this year, up 35 percent.
Bond yields were higher following a strong report on third-quarter economic growth in the U.S. That helped banks because they can charge higher interest rates on loans.
Bank of America was up 1.9 percent.
The Standard & Poor's 500 was down 5 points, or 0.2 percent, at 2,622.
The Dow Jones industrial average gained 50 points, or 0.