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

4:00 p.m.

Stocks are closing lower Thursday, with technology and industrial companies taking the sharpest losses after Senate Republicans surprised Wall Street by proposing a delay in cutting corporate taxes.

EBay slid 3.5 percent and Microsoft fell 0.6 percent. Among industrial companies, Johnson Controls sank 6.1 percent and Boeing lost 0.6 percent.

Media companies rose after a strong third-quarter report from Twenty-First Century Fox, which gained 3 percent.

Macy's climbed 11 percent after its quarterly profit surpassed analyst estimates. Competitor Kohl's didn't fare as well and rose only 0.9 percent.

The Standard & Poor's 500 index fell 9 points, or 0.4 percent, to 2,584.

The Dow Jones industrial average declined 101 points, or 0.4 percent, to 23,461. The Nasdaq composite index fell 39 points, or 0.6 percent, to 6,750.

___

11:55 a.m.

Stocks are sinking Thursday with technology and industrial companies taking the sharpest losses.

EBay slid 3.8 percent and Microsoft fell 1.4 percent. Among industrial companies, Johnson Controls sank 3.7 percent and Boeing lost 1 percent.

Media companies rose after a strong third-quarter report from Twenty-First Century Fox, which gained 4.7 percent.

Macy's climbed 9.3 percent after its quarterly profit surpassed analyst estimates. Competitor Kohl's didn't fare as well and lost 1.5 percent.

The Standard & Poor's 500 index fell 18 points, or 0.7 percent, to 2,575.

The Dow Jones industrial average declined 177 points, or 0.8 percent, to 23,385. The Nasdaq composite index is down 67 points, or 1 percent, to 6,721.

___

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.