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Tech giants hit by probe jitters; Treasuries climb

A Wall Street sign in New York on May 25, 2018. Bloomberg photo by Michael Nagle.

Stocks are closing lower on Wall Street Tuesday with technology and communications stocks leading the declines.

Reports showing a drop in consumer confidence and weakness in the housing market, plus some cautionary remarks from the head of the Federal Reserve, weighed on investor sentiment.

The S&P 500 dropped 27 points, or 1%, to 2,917. It's the biggest loss of the month for the benchmark index.

Among tech stocks, Microsoft fell 3.2% and Adobe slipped 4%. Google parent Alphabet fell 2.6% and Netflix lost 2.9% as internet companies slumped.

The Dow Jones Industrial Average dropped 179 points, or 0.7%, to 26,548. The Nasdaq composite fell 120 points, or 1.5%, to 7,884.

Bond prices rose. The yield on the 10-year Treasury fell to 2.00%.

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12:00 p.m.

Stocks are lower on Wall Street at midday Tuesday with technology and communications stocks leading the declines.

Health care companies are rising after AbbVie said it will pay $63 billion for Botox maker Allergan. Shares of Allergan jumped 26.7% while AbbeVie shares fell 15.1%.

Investors are waiting on a speech by Fed Chairman Jerome Powell Tuesday afternoon for any signal on the direction of interest rates.

Among tech stocks, Microsoft fell 2.3% and Adobe slipped 2%.

The S&P 500 is down 9 points or 0.3% at 2,936. The Dow Jones Industrial Average is down 37 points, or 0.1%, at 26,690. The Nasdaq composite is down 48 points or 0.6% at 7,957.

Bond prices rose. The yield on the 10-year Treasury fell to 1.99%.

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9:35 a.m.

Stocks are opening slightly lower on Wall Street Tuesday. Health care companies are leading the gainers after AbbVie said it will pay $63 billion for Botox maker Allergan. AbbeVie shares fell nearly 12% and Allergan jumped 28%.

Energy stocks lost ground. Concho Resources fell 1.1% and National Oilwell Varco lost nearly 1%.

Investors awaited a speech by Fed Chairman Jerome Powell later Tuesday for any signal on the direction of interest rates.

The S&P 500 is down 2 points or 0.1% at 2,942. The Dow Jones Industrial Average is down 7 points at 26,718. The Nasdaq composite is down 16 points or 0.2% at 7,900. All three indexes are still showing solid gains for the month of June.

Bond prices rose. The yield on the 10-year Treasury fell to 1.99%.

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