Markets Right Now: Stocks drift lower after an early gain

Dow Jones Industrial Average

Dow Jones Industrial Average

Shares of Broadcom jumped 3.2 per cent after a Wall Street Journal report that Intel is considering bidding for the chip company, which has undertaken a hostile campaign to buy Qualcomm.

Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 7, 2018.

Several big industrial stocks continued to fall.

Shares of Micron Technology jumped almost 10 percent after analysts at Nomura raised their target for the stock to $100 - $41 above current rates.

The Dow Jones Industrial Average .DJI fell 157.13 points, or 0.62 percent, to 25,178.61, the S&P 500 .SPX lost 3.55 points, or 0.13 percent, to 2,783.02 and the Nasdaq Composite .IXIC added 27.52 points, or 0.36 percent, to 7,588.33. By 11:51 a.m. ET, the S&P 500 was down just 0.1 percent at 2,783.96.

Even with the session's losses, the S&P 500 is just 3.1 percent below record highs hit on January 26, while the Nasdaq .IXIC has recovered its losses from last month's sell-off. Over the year, average hourly earnings have increased by 68 cents, or 2.6 percent, lower than market expectations. The S&P 500 technology sector gained 0.31% for the day.

The Dow Jones industrial average gave back 132 points, or 0.5 percent, to 25,199.

Wall Street had its worst two weeks in two years last month as fears of higher wages, inflation and interest rates triggered a selloff that dragged the main indexes into correction territory.

Starbucks rose 1.4 percent early Monday and Micron Technology rose 5.3 percent.

Johnson Controls was up 1.6 percent after saying it would consider selling a business that makes batteries for vehicles.

The news came shortly after the Labor Department said its consumer price index rose 0.2% in February.

Optical communications company Oclaro soared 23 percent after agreeing to be acquired by Lumentum Holdings. The VIX Volatility Index was higher at 15.78 for a gain of 1.14 points or 7.79%. The Dow Jones Small-Cap Value TSM Index closed at 10,167.05 for a gain of 16.83 points or 0.17%.

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