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

4:00 p.m.

Stocks had their biggest drop since mid-May as investors worried about the latest sign that hiring is slowing down.

Payroll processor ADP reported early Thursday that hiring by private companies slowed in June.

The biggest losses were in health care and technology stocks. Drugmaker Merck lost 1.7 percent and Apple fell 0.9 percent.

L Brands, the parent company of Victoria’s Secret, plunged 14 percent after reporting weak sales in June.

The Standard & Poor’s 500 index fell 22 points, or 0.9 percent, to 2,409. The Dow Jones industrial average lost 158 points, or 0.7 percent, to 21,320.

The Nasdaq composite slipped 61 points, or 1 percent, to 6,089.

Bond prices fell. The yield on the 10-year Treasury rose to 2.36 percent.


11:45 a.m.

Stocks are sliding in midday trading as investors were discouraged by another sign of sluggish hiring.

Payroll processor ADP reported early Thursday that hiring by private companies slowed in June.

The biggest losses were in health care and technology stocks. Drugmaker Merck lost 1.5 percent and Apple fell 0.7 percent.

L Brands, the parent company of Victoria’s Secret, plunged 12 percent after reporting weak sales in June.

Bank stocks bucked the downward trend. Bank of America rose 0.6 percent.

The Standard & Poor’s 500 index fell 11 points, or 0.5 percent, to 2,420. The Dow Jones industrial average lost 81 points, or 0.4 percent, to 21,397.

The Nasdaq composite slipped 37 points, or 0.6 percent, to 6,113.

Bond prices fell. The yield on the 10-year Treasury rose to 2.38 percent.


9:35 a.m.

Retailers and technology stocks are leading U.S. indexes lower in early trading on Wall Street.

Phone companies and real estate stocks were also down early Thursday. L Brands, the parent company of Victoria’s Secret, slumped 9 percent after reporting weak sales for June.

Bank stocks bucked the downward trend and rose.

The Standard & Poor’s 500 index fell 10 points, or 0.4 percent, to 2,422. The Dow Jones industrial average lost 69 points, or 0.3 percent, to 21,408.

The Nasdaq composite slipped 39 points, or 0.7 percent, to 6,110.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.37 percent.