Markets Right Now: Stocks slip on economic growth worries

NEW YORK (AP) — The latest on developments in financial markets (all times local):11:50 a.m.

Stocks are extending losses on Wall Street amid new signs the global economy is slowing.

The International Monetary Fund on Tuesday cut its 2019 growth forecast, pointing to heightened trade tensions and rising interest rates.

Technology companies skidded, and so did industrial companies, hurt by the slower growth forecast as well as some weak fourth-quarter earnings.

Chipmaker Micron Technology fell 4.8 percent and construction equipment company Caterpillar lost 2.8 percent.eBay jumped 7.5 percent after activist shareholder Elliott Management disclosed a 4 percent stake in the company.

The S&P 500 fell 31 points, or 1.2 percent, at 2,638.