US stocks waver as banks slip but tech companies rise

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US stocks waver as banks slip but tech companies rise
FILE- In this March 14, 2017, file photo, morning commuters walk on Broadway in New York's Financial District. The U.S. stock market opens at 9:30 a.m. EST on Tuesday, March 6, 2018. (AP Photo/Richard Drew, File)

NEW YORK (AP) — U.S. stocks are little changed Tuesday as banks and big dividend payers decline while technology companies rise. Asian stock indexes jumped after the North Korean government said it was open to talks with the U.S. about ending its nuclear program.

KEEPING SCORE: The Standard & Poor’s 500 index was little changed at 2,720 as of 10:15 a.m. Eastern time. The Dow Jones industrial average lost 19 points to 24,854. The Nasdaq composite rose 26 points, or 0.4 percent, to 7,357. The Russell 2000 index of smaller-company stocks held steady at 1,546.

TRADE WINDS: Stocks fell 3.7 percent during a three-day losing streak last week after President Donald Trump announced plans for steep tariffs on steel and aluminum. At the same time, other countries and the European Union announced plans to put tariffs on some U.S.-made goods. But those losses have eased. High-profile Republicans including House Speaker Paul Ryan said the White House should abandon the proposal, and after initially suggesting there wouldn’t be any exceptions to the tariffs, Trump said he could grant exemptions to Canada and Mexico if they come to terms on a new trade deal.

KOREAN TENSIONS: Stocks in Asia climbed after the North Korean government said it is willing to start talks with the U.S. on denuclearization. It also said it would stop nuclear and missile tests during those discussions. The Kospi in Seoul jumped 1.5 percent while Tokyo’s Nikkei 225 rose 1.8 percent. Hong Kong’s Hang Seng index climbed 2.1 percent.

BONDS: Bond prices turned higher. The yield on the 10-year Treasury note slipped to 2.86 percent from 2.88 percent. That affected banks, as lower interest rates mean they can’t make as much money from lending. Wells Fargo lost 71 cents, or 1.2 percent, to .88 while Capital One gave up 87 cents to .03.

OFF TARGET: Target lost .10,or 4.1 percent, to .04 after it reported that costs associated with overhauling its stores and investing in its website affected its earnings and its forecasts for the current year.

Ascena Retail Group, which owns clothing chains including Ann Taylor and Lane Bryant, slumped after a weak second quarter. Its stock lost 12 cents, or 4.9 percent, to .30. Elsewhere J.C. Penney fell 22 cents, or 5.8 percent, to .56 and Kohl’s slipped 34 cents to .75.

CHIPMAKER DISPUTE: Qualcomm fell and Broadcom rose after Bloomberg News reported that Broadcom is on track to get more leverage in its effort to buy Qualcomm. Bloomberg reported that so far, directors backed by Broadcom are on pace to win six seats on Qualcomm’s board. Qualcomm’s current board opposes Broadcom’s billion bid for the company and says the price is too low, while a board supported by Broadcom would likely accept the offer instead of seeking a greater one.

Both stocks fell Monday after U.S. regulators said they would look into the deal. Qualcomm gave up .58, or 2.5 percent, to .43 and Broadcom added .12, or 1.7 percent, to .10.

FAMILY FEUD: Nordstrom declined 59 cents, or 1.1 percent, to .31 after the department store rejected an offer from the Nordstrom family to take it private. It said the price of a share was too low, and it was beneath the stocks’ closing price on Monday. The family group includes co-presidents Blake, Peter and Erik Nordstrom. They and other family members own 30 percent of Nordstrom’s stock.

EUROPE: Germany’s DAX rose 0.3 percent and London’s FTSE 100 gained 0.7 percent. France’s CAC 40 added 0.3 percent.

ENERGY: Benchmark U.S. crude rose 17 cents to .74 a barrel in New York. Brent crude, used to price international oils, gained 27 cents to .81 a barrel in London.

CURRENCIES: The dollar declined to 106.07 yen from 106.20 yen. The euro rose to .2391 from .2327.

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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP . His work can be found at https://apnews.com/search/marley%20jayt .