Lyft a step closer to becoming a publicly traded company

by ALEX VEIGA , AP Business Writer

FILE- In this Nov. 28, 2018, file photo trader Jonathan Corpina works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Thursday, Dec. 6. (AP Photo/Richard Drew, File)

U.S. stocks tumbled in early trading Thursday following a sell-off in overseas markets, knocking more than 450 points off the Dow Jones Industrials Average.

The broad market decline came as the arrest of a senior Chinese technology executive overshadowed some positive comments on trade from Beijing, threatening to worsen trade tensions between the U.S. and China.

Oil prices fell sharply as traders appeared to doubt that an expected production cut by OPEC will be enough to boost the price of crude.

Traders continued to shovel money into bonds, a signal that they see weakness in the economy ahead. The yield on the 10-year Treasury note fell to 2.86 percent from 2.92 percent on Tuesday, a large move. U.S. stock and bond trading were closed Wednesday because of a national day of mourning for President George H.W. Bush.

Technology companies and banks took some of the heaviest losses in the latest wave of selling. Oracle slid 4.3 percent to $46.64. Citigroup fell 4.8 percent to $59.25.

The S&P 500 index slid 49 points, or 1.9 percent, to 2,650 as of 10 a.m. Eastern Time. The Dow dropped 476 points, or 1.9 percent, to 24,550. The technology-heavy Nasdaq composite lost 121 points, or 1.7 percent, to 7,037.

The Russell 2000 index of small-company stocks gave up 25 points, or 1.7 percent, to 1,455.

The latest losses put the S&P 500 and the Dow back into the red for the year. The Nasdaq was still slightly higher for 2018.

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