Technology

Stocks open lower, dragged down by energy and technology

FILE - In this Wednesday, Feb. 25, 2015, file photo, more than 30 oil drilling rigs are idle in a Helmerich & Payne, Inc. yard in Odessa, Texas, along Highway 80, as rig counts drop in the Permian Basin. The price of oil continues to fall, extending a slide that has already gone further and lasted longer than most thought, and probing depths not seen since 2003. Lower crude prices are leading to lower prices for gasoline, diesel, jet fuel and heating oil, giving drivers, shippers, and many businesses a big break on fuel costs. But layoffs across the oil industry are mounting, and bankruptcies among oil companies are expected to soar. (Courtney Sacco/Odessa American via AP) MANDATORY CREDIT

FILE – In this Wednesday, Feb. 25, 2015, file photo, more than 30 oil drilling rigs are idle in a Helmerich & Payne, Inc. yard in Odessa, Texas, along Highway 80, as rig counts drop in the Permian Basin. The price of oil continues to fall, extending a slide that has already gone further and lasted longer than most thought, and probing depths not seen since 2003. Lower crude prices are leading to lower prices for gasoline, diesel, jet fuel and heating oil, giving drivers, shippers, and many businesses a big break on fuel costs. But layoffs across the oil industry are mounting, and bankruptcies among oil companies are expected to soar. (Courtney Sacco/Odessa American via AP) MANDATORY CREDIT

NEW YORK (AP) — Stock are opening broadly lower as energy companies take another tumble and after Apple predicted its first sales decline in 13 years.

Crude oil prices sank 1 percent to $31 a barrel in New York Wednesday, pulling big energy companies lower.

Apple dropped 4 percent, weighing on the technology sector.

Boeing delivered a disappointing earnings forecast. That dragged its stock down almost 8 percent.

The Dow Jones industrial average was off 130 points, or 0.8 percent, to 16,045 in early trading.

The Standard & Poor’s 500 index declined six points, or 0.3 percent, to 1,898. The Nasdaq composite dropped 19 points, or 0.4 percent, to 4,547.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.03 percent.

 

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Advertisements