Markets Right Now: Banks lead an early decline for US stocks

NEW YORK (AP) – The latest on developments in financial markets (All times local):

9:35 a.m.

Stocks are opening lower on Wall Street as banks and industrial companies fall.

Banks were sliding along with bond yields early Wednesday. Bank of America sank 2.7 percent and Wells Fargo lost 2 percent. Falling bond yields mean lower interest rates on loans and tighter profits for banks.

Among industrial companies, United Rentals fell 3 percent.

Target jumped 3.6 percent after posting surprisingly strong earnings for the first quarter.

The Standard & Poor’s 500 index slumped 16 points, or 0.7 percent, to 2,383.

The Dow Jones industrial average lost 159 points, or 0.8 percent, to 20,817. The Nasdaq composite fell 49 points, or 0.8 percent, to 6,120.