Markets Right Now: Stocks move lower in midday trading


The latest on developments in financial markets (All times local):

11:45 a.m.

U.S. stocks are moving lower in midday trading as technology, health care and consumer-focused stocks lose ground.

Apple fell 1 percent Wednesday after investors weren’t thrilled with the company’s first-quarter results, which included lower-than-expected iPhone sales.

The Federal Reserve is having a policy meeting, although investors don’t expect it to raise interest rates.

Elsewhere, biotech drug maker Gilead Sciences sank 2.3 percent after its results came up short of forecasts and online retailer Etsy plunged 8.1 percent after the company replaced its CEO and cut jobs.

The Standard & Poor’s 500 index edged down 5 points, or 0.2 percent, to 2,385.

The Dow Jones industrial average lost 15 points, or 0.1 percent, to 20,933. The Nasdaq composite fell 30 points, or 0.5 percent, to 6,065.

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9:35 a.m.

Stock indexes are opening slightly lower on Wall Street and technology companies are taking some of the biggest losses.

Apple fell 1.8 percent early Wednesday after iPhone sales weren’t as high as investors expected.

Elsewhere, biotech drug maker Gilead Sciences sank 2.8 percent after its results came up short of forecasts and online retailer Etsy plunged 8.9 percent after the company replaced its CEO.

The Standard & Poor’s 500 index edged down 5 points, or 0.2 percent, to 2,385.

The Dow Jones industrial average lost 40 points, or 0.2 percent, to 20,909. The Nasdaq composite fell 24 points, or 0.4 percent, to 6,070.

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