US stocks skid as oil plunge continues and tech falls

US stocks skid as oil plunge continues and tech falls
FILE- In this Friday, Oct. 26, 2018, file photo trader Robert Moran works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Friday, Nov. 9. (AP Photo/Richard Drew, File)

NEW YORK (AP) — U.S. stocks are falling Friday as energy, technology and internet companies move lower. Crude oil is on track to drop for the tenth day in a row and is trading at its lowest price since March, leading to steep losses for oil companies in recent weeks. Stocks have fallen over the last two days but are still on track for strong weekly gains.

KEEPING SCORE: The S&P 500 index dropped 25 points, or 0.9 percent, to 2,780 as of 10:10 a.m. Eastern time. The Dow Jones Industrial Average fell 184 points, or 0.7 percent, to 26,006. The Nasdaq composite plunged 106 points, or 1.4 percent, to 7,424. The Russell 2000 index of smaller companies gave up 21 points, or 1.4 percent, to 1,556.

OIL SKID: Benchmark U.S. crude lost 1.4 percent to .80 a barrel in New York. After peaking at .41 a barrel in early October, near a four-year high, U.S. crude has tumbled 22 percent to its lowest price since March. Brent crude, used to price international oils, has fared almost as badly. On Friday it declined 1.9 percent to .33 a barrel in London.

Exxon Mobil slid 1 percent to .08 and Chevron dipped 1.3 percent to .81.

GAME OVER? Video game maker Activision Blizzard tumbled after its forecast for the critical holiday season fell short of analysts’ projections. The stock fell 14 percent to .03, and Take-Two Interactive lost 7.5 percent to .18. Other technology and internet companies also turned lower. Apple fell 1.5 percent to .32 and Google’s parent company Alphabet shed 1.2 percent to ,081. Amazon lost 1.9 percent to ,721.

YELP WALLOPED: Online reviews company Yelp nosedived after it posted weak third-quarter revenue and its forecast for the fourth quarter also fell short of Wall Street’s estimates. The company said part of the problem is an advertising model that is intended to encourage advertisers to try the site without signing a long-term contract. Yelp said that has made its results more sensitive to short-term problems. Its stock fell 27.5 percent to .54.

AVENGERS ASSEMBLE … A PILE OF CASH: Walt Disney’s net earnings were better than expected, as the entertainment giant raked in revenue from movies including “Avengers: Infinity War,” ”Incredibles 2″ and the “Ant-Man” sequel. The stock gained 3 percent to .51.

PRICE POWER: U.S. wholesale prices rose by the most in six years in October. The Labor Department said its producer price index jumped 0.6 percent as gas, food, and chemical prices increased. Its index has climbed 2.9 percent over the last year.

PIPELINE WOES: A federal judge blocked a permit from the Trump administration for the construction of TransCanada’s Keystone XL pipeline, pending an environmental review. The long-delayed pipeline would begin in Alberta and shuttle as much as 830,000 barrels a day of crude through a half dozen states to terminals on the Gulf Coast. U.S. District Judge Brian Morris put on hold the billion project, ruling that the potential impact had not been considered as required by federal law. Environmentalists and Native American groups sued to stop the project, citing property rights and potential oil spills.

The State Department issued a presidential permit for the pipeline in 2008, and after years of legal wrangling, President Barack Obama rejected the permit in 2015.

In Toronto, shares of TransCanada lost 2.1 percent.

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 3.21 percent from 3.23 percent.

CURRENCY: The dollar slipped to 113.82 yen from 113.99 yen. The euro fell to .1347 from .1356.

OVERSEAS: Germany’s DAX lost 0.2 percent and France’s CAC 40 lost 0.7 percent. London’s FTSE shed 0.8 percent.

Tokyo’s Nikkei 225 retreated 1 percent and Hong Kong’s Hang Seng fell 2.4 percent. Seoul’s Kospi gave up 0.3 percent.


AP Markets Writer Marley Jay can be reached at