Markets Fall at Midday as Tech Stocks Stumble

U.S. equities tumbled at midday after a report that consumer sentiment fell in September, and ahead of next week’s decision by the Federal Reserve on interest rates. The Dow, S&P 500, and Nasdaq all lost ground.

Tech stocks dragged on the major indexes, as all the FAAMG stocks dropped. Adobe (ADBE) shares slumped as the software maker’s better-than-expected results weren’t enough to offset concerns about its high share price.

Lennar's (LEN) stock price fell after the home builder’s revenue declined because of lower prices. Shares of Lennar’s rivals were down as well. Copart (CPRT) shares dipped as the online auto auction reported a drop in car sales. 

Walt Disney (DIS) shares advanced on reports media entrepreneur Byron Allen offered to buy the entertainment giant’s ABC network and other TV properties for $10 billion. Shares of competitors to Disney’s streaming service, Paramount Global (PARA) and Warner Bros. Discovery (WBD), also gained.

Shares of Newmont Mining (NEM) and other gold miners rose along with the price of gold.

Oil futures continued to climb. The yield on the 10-year Treasury note was higher. The U.S. dollar was up on the pound and yen, but was lower versus the euro. Trading in most major cryptocurrencies was mixed.