Markets Right Now: Stocks end mixed after early rally fades

Markets Right Now: Stocks end mixed after early rally fades

The market slide comes in the midst of a strong May for stocks. USA ambassador to China Terry Branstad said the two countries remain "very far apart" regarding a tariff resolution, after which White House economic adviser Larry Kudlow told Politico he supports efforts to reach an agreement.

Casino operators and equipment companies got a boost from a Supreme Court decision that cleared the way for states to legalize sports betting.

The S&P 500 index fell 18 points, or 0.7 percent, to 2,711. Among the worst performers on the S&P 500, Agilent Technologies (A) shares dropped almost 10% after the maker of medical instruments and other equipment posted quarterly earnings that matched forecasts late Monday. The Dow Jones industrial average lost 0.9%.

In small-caps, the Russell 2000 closed at 1,600.34 with no change. Mortgage rates, which have been rising this year, tend to track the movement in the 10-year Treasury yield.

Stocks are broadly higher at midday on Wall Street as investors hope that trade tensions will ease between the USA and China.

CHINA FACTOR: President Donald Trump tweeted Sunday that he was working with President Xi Jinping of China to put Chinese telecom ZTE "back into business, fast" after US sanctions threatened ZTE's existence and 70,000 Chinese jobs. Agilent Technologies slid 9.2 percent to $62.88.

President Donald Trump tweeted over the weekend that the US could ease sanctions on ZTE. Losers led winners by a 2-1 margin on the NYSE and by 6-to-5 on the Nasdaq.

More news: Astronomers find fastest-growing black hole known in space

Home Depot Inc (HD.N) shares slipped 1.6 percent after the home improvement retailer missed sales forecasts as the long winter put a damper on demand for spring products.

The Dow is down 12.81 points, or 0.1 percent.

The broad sell-off followed a slide in bond prices, which sent the 10-year Treasury yield to its highest level in nearly seven years.

Technology and health care sector companies took some of the worst losses.

US companies that would stand to benefit from an effort to rescue ZTE, a Chinese technology company hurt by USA tariffs, rose in early trading Monday.

France's CAC 40 inched up 0.2 percent to 5,548, while Britain's FTSE 100 rose by the same rate to 7,726. Brent crude, used to price worldwide oil, added 20 cents to close at $78.43 a barrel in London.

CURRENCIES: The dollar rose to 109.97 yen from 109.53 yen late Monday.

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