Markets Right Now: Tech stocks, banks lead US indexes lower

NEW YORK — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are pulling back in early trading led by declines in banks and technology companies.

Banks were coming under pressure early Wednesday as bond yields fell sharply. Lower yields mean lower interest rates on loans, which makes lending less profitable. Bank of America lost 1.5%

Among technology stocks, Salesforce.com fell 3.8% and chipmaker Nvidia gave up 2.3%.

Macy's climbed 1.4% after turning in results that beat forecasts.

The S&P 500 index fell 17 points, or 0.6%, to 2,817.

The Dow Jones Industrial Average fell 168 points, or 0.7%, to 25,373. The Nasdaq gave up 33 points, or 0.4%, to 7,700.

Bond prices rose. The yield on the 10 year Treasury fell to 2.37%