Averages Move Lower in Early Trading

Sun Micro, Cisco both drop. Equities in London, Tokyo are lower.
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Publish date:

Updated from 9:53 a.m. EDT

Blue chips and tech stocks both came under selling pressure in early trading.

The

Dow Jones Industrial Average was recently losing about 115 points, or 1.1%, to 10,267. The

Nasdaq was down 31 points, or 1.6%, to 1881, and the

S&P 500 was down 12 points, or 1% to 1167.

Sun Microsystems

(SUNW) - Get Report

moved lower before the bell and was recently losing 77 cents or 5.5% to $13.71.

Cisco

(SUNW) - Get Report

was also among the most actives, trading down 64 cents, or 3.7%, to $17.36.

Rambus

(RMBS) - Get Report

was up 76 cents, or 10.3%, to $8.14.

Lucent

(LU)

was the most active stock on the

New York Stock Exchange, where it traded up 15 cents, or 2%, to $7.48.

The 10-year benchmark Treasury note was recently up 13/32 to 101 1/32, yielding 4.87%.

At 10 a.m. EDT, the Conference Board released its monthly

consumer confidence index, which came in below expectations at 114.3. Economists polled by

Reuters

were expecting a reading of 117.0. The numbers are used in conjunction with other confidence measures to gauge prevailing consumer moods but typically have little impact on the market.

In overseas activity, European stocks traded slightly lower but remained close to the flatline. London's FTSE 100 was down 10 points, or 0.2%, to 5462. In Japan, the Nikkei 225 traded down 86 points, or 0.8%, to 11,189. Hong Kong's Hang Seng rose 66 points, or 0.6%, to 11,301. In currencies, the dollar was recently stronger against the euro and the yen.