Markets Right Now: Stocks fall as internet giants drop

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

12:00 p.m.

Stocks are sliding at midday Monday as losses in some big-name internet companies weigh on the market.

Google’s parent Alphabet fell 5.5% and Amazon dropped 3.4%. Reports say both companies could face increased scrutiny from U.S. regulators.

The issue of trade still looms over the market. Bank of America Merrill Lynch lowered its earnings estimates for companies in the S&P 500, citing trade tensions.

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The S&P 500 suffered its first losing month of 2019 in May as investors worried about the potential impact of multiple U.S. trade disputes. As of Friday, the index was down 6.6% from its April 30 record.

The S&P 500 dropped 7 points, or 0.3%, to 2,744.

The Dow slid 19 points, or 0.1%, to 24,795 and the Nasdaq lost 80 points, or 1.1%, to 7,372.

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9:35 a.m.

Stocks are rising Monday as Wall Street looks to start a new month on a good foot.

Technology and energy stocks paced the early gains.

The S&P 500 suffered its first losing month of the year in May as investors worried about the potential impact of multiple U.S. trade disputes. As of Friday, the index was down 6.6% from its April 30 record.

Cypress Semiconductor soared 24% after agreeing to be acquired by Germany’s Infineon.

The Dow Jones industrials rose 65 points, or 0.3%, to 24,880.

The S&P 500 index added 6 points, or 0.2%, to 2,759 and the Nasdaq gained 2 points to 7,455.

Still, the issue of trade looms large. Bank of America Merrill Lynch lowered its earnings estimates for companies in the S&P 500, citing trade tensions.

The Associated Press