U.S. stocks are slipping in Monday afternoon trading to tack more losses onto last weekâs stumble, as worries about inflation continue to dog Wall Street.
Tech stocks once again were taking the brunt of the losses, and they helped pull the S&P 500 down by 0.5%, as of 2:20 p.m. Eastern time. The benchmark index is coming off a 1.4% weekly drop from its record high, which would have been even worse if not for a rebound in the back half of last week.
The Dow Jones Industrial Average was 97 points lower, or 0.3%, at 34,284. The Nasdaq composite, which is full of tech-oriented stocks, was down 0.9%, more than other indexes.
Oprah and CNN: AT&T is merging media business with Discovery
By DAVID BAUDER and MAE ANDERSONMay 17, 2021 GMT
FILE - In this Oct. 21, 2014 file photo, people pass an AT&T store in New York s Times Square. AT&T will combine its media operations that include CNN HBO, TNT and TBS in a $43 billion deal with Discovery, the owner of lifestyle networks including the Food Network and HGTV. The deal announced Monday, May 17, 2021, would create a separate media company as households increasingly abandon cable and satellite TV, looking instead at Netflix, Amazon Prime Video, Facebook, TikTok and YouTube. (AP Photo/Richard Drew, File)
Stocks fall in early trading on Wall Street as Big Tech lags By DAMIAN J. TROISE, AP Business Writer
Published: May 17, 2021, 8:52am
Share: FILE - The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020. Stocks are off to a mostly lower start on Wall Street as the market comes off its worst weekly decline since February. The S&P 500 was off 0.1% in the early going Monday, May 17, 2021. (AP Photo/Seth Wenig, File)
Stocks fell in morning trading on Wall Street Monday as the market comes off of its worst weekly decline since February.
Big Tech stocks were the heaviest weights pulling the major indexes lower. The sector has been responsible for big swings in either direction over the last few weeks as investors weigh the impact of rising inflation and a broad economic recovery. Energy and materials companies did better than the rest of the market.
AT&T will merge WarnerMedia operations with rival Discovery
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FILE - In this Oct. 21, 2014 file photo, people pass an AT&T store in New York s Times Square. AT&T will combine its media operations that include CNN HBO, TNT and TBS in a $43 billion deal with Discovery, the owner of lifestyle networks including the Food Network and HGTV. The deal announced Monday, May 17, 2021, would create a separate media company as households increasingly abandon cable and satellite TV, looking instead at Netflix, Amazon Prime Video, Facebook, TikTok and YouTube. (AP Photo/Richard Drew, File)
NEW YORK (AP) – AT&T and Discovery will merge their media operations in a $43 billion deal that will create a new company overseeing CNN, HBO, TNT and TBS, along with Discovery’s Food Network, HGTV and others.