Banks Help Lead Stocks Lower in Early Going on Wall Street

A Wall Street sign is shown in the Financial District in the Manhattan borough of New York, on Oct. 13, 2021. (John Minchillo/AP Photo)

NEW YORK—Banks and technology companies are leading stocks lower in morning trading on Wall Street early Wednesday, but major indexes are still holding on to gains for the week.

The S&P 500 slipped 0.5 percent in the early going and the Dow Jones Industrial Average gave back 0.6 percent. Wells Fargo fell 1.5 percent in the early going and Bank of America was down 1.3 percent, while chipmaker Intel fell 4.4 percent.

European indexes were also lower and Asian markets closed mostly higher overnight. Crude oil prices were higher. The yield on the 10-year Treasury note, which helps set interest rates on mortgages, rose to 3.01 percent.