Stocks drop slightly in light trading

Associated Press

NEW YORK – Stocks slumped in light trading today as Wall Street nervously awaited the outcome of the presidential election.

Blue chips fluctuated in and out of positive territory as financial, defense and health care stocks gave back some of their gains from Monday. Technology stocks were volatile for a second day, pulled lower by concerns related to Cisco Systems’ earnings.

In late afternoon trading, the Dow Jones industrial average was off 31.85 at 10,945.36.

Broader stock indicators were lower. The Nasdaq composite index was down 12.29 at 3,403.92. The Standard &Poor’s 500 index slipped 2.55 to 1,429.64.

“People are being quiet today because of the election. They’re not willing to make any significant bets until that’s out of the way,” said Bob Streed, senior vice president at Northern Trust. “I would think that the market will rally when the election is over simply because the uncertainty is out of the way.”

Drug maker Merck slipped $1.44 to $88.44. Banker J.P. Morgan was off $2.50 at $163.94. Defense contractor Lockheed Martin was down 10 cents at $33.41.

The Dow was also pulled lower by General Motors, which fell $4 to $57.13 on a ratings downgrade by Goldman Sachs.

Cisco Systems rose $1.78 to $56.99 after reporting quarterly earnings late Monday that were slightly ahead of Wall Street estimates.

But investors were concerned that the networking company’s raw material inventory was so large that it would reduce orders to its suppliers, particularly chip makers. That sector tumbled today, with Applied Micro Circuits dropping $7.25 to $69.13 and PMC-Sierra sliding $25.75 to $128.06, a 17 percent loss.

Declining issues outnumbered advancers by a 6-to-5 ratio on the New York Stock Exchange, where volume came to 592.85 million shares, compared with 615.70 million Monday.

The Russell 2000 index fell 2.08 to 501.88.

Copyright ©2000 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Talk to us

More in Local News

Funko mascots Freddy Funko roll past on a conveyor belt in the Pop! Factory of the company's new flagship store on Aug. 18, 2017.  (Dan Bates / The Herald)
Lawsuit: Funko misled investors about Arizona move

A shareholder claims Funko’s decision to relocate its distribution center from Everett to Arizona was “disastrous.”

Lynnwood
1 stabbed at apartment in Lynnwood

The man, 26, was taken to an Everett hospital with “serious injuries.”

A firefighting helicopter carries a bucket of water from a nearby river to the Bolt Creek Fire on Saturday, Sep. 10, 2022, on U.S. Highway 2 near Index, Washington. (Ryan Berry / The Herald)
Red flag fire warning issued west of Cascades

There are “critical fire weather” conditions due to humidity and wind in the Cascades, according to the National Weather Service.

A house fire damaged two homes around 1:30 a.m. Tuesday, June 6, 2023 in Marysville, Washington. (Photo provided by Marysville Fire District)
Fire burns 2 homes in Marysville, killing 2 dogs

Firefighters responded to a report of a fire north of Lakewood Crossing early Tuesday, finding two houses engulfed in flames.

Logo for news use featuring the municipality of Mountlake Terrace in Snohomish County, Washington. 220118
Mountlake Terrace eyes one-time projects for $2.4M in federal funds

Staff recommended $750,000 for a new roof and HVAC at the library, $250,000 toward a nonprofit facility in Lynnwood and more.

The Snohomish River turns along the edge of the Bob Heirman Wildlife Preserve at Thomas’ Eddy on Wednesday, May 3, 2023 in Snohomish, Washington. (Olivia Vanni / The Herald)
To build a healthier Snohomish River, more log jams

About $2.8M in grants will help engineer log jams, tear down levees and promote salmon restoration at Bob Heirman Wildlife Preserve.

Dave "Bronco" Erickson stands next to the pink-and-purple 1991 Subaru Justy hatchback “Pork Chop Express” car that he is seeking to re-home for $500. The car has been on Whidbey Island for years, mainly as yard art. (Andrea Brown / The Herald)
For sale: Whidbey’s fabled ‘Pork Chop Express’ gets great smileage

Asking price is $500 for the 1991 Subaru Justy, a three-cylinder econobox with 65K miles and a transmission as rare as hen’s teeth.

People begin parading down First Street with a giant balloon “PRIDE” during Snohomish’s inaugural Pride celebration on Saturday, June 3, 2023, in downtown Snohomish, Washington. (Ryan Berry / The Herald)
Your guide to Pride in Snohomish County

Mark your calendars; Pride Month is upon us.

Twin sisters Lyndsay Lamb (left) and Leslie Davis (right), co-hosts of HGTV's Unsellable Houses. (Photo provided)
Meet and greet HGTV’s ‘Unsellable Houses’ twin sister stars in Snohomish on Friday

Lyndsay Lamb and Leslie Davis have made Lamb & Co. a #twinwin home-selling, home-goods brand.

Most Read