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

9:40 a.m.

Stocks are opening lower on Wall Street Thursday with telecommunications, industrials and materials sectors leading the drop. Major indexes had hit new records on Wednesday.

Telecommunications service provider CenturyLink is down 7 percent and mining giant Freeport McMorRan is down 2.3 percent. Retailers are in focus following a mixed bag of earnings: Macy's is up 3.5 percent but Kohl's is down 4.7 percent.

The Standard & Poor's 500 index fell 11 points or 0.5 percent to 2,582.

The Dow Jones industrial average declined 100 points or 0.4 percent to 23,458. The Nasdaq composite index is down 50 points or 0.7 percent to 6,740.

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