Markets Right Now: US stocks open slightly lower

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

9:35 a.m.

Stocks are opening slightly lower on Wall Street as banks and materials companies move lower.

Paint and coatings maker PPG Industries sank 8.6 percent in early trading Tuesday after warning that higher costs and weaker demand from China would hurt its profits.

Banks were also lower. JPMorgan Chase slipped 1 percent.

Papa John’s surged 8.2 percent after the Wall Street Journal reported that activist investor Nelson Peltz was trying to put together a bid for the company.

The Standard & Poor’s 500 index fell 5 points, or 0.2 percent, to 2,879.

The Dow Jones Industrial Average lost 55 points, or 0.2 percent, to 26,441. The Nasdaq composite was little changed at 7,740.

The yield on the 10-year Treasury note held steady at 3.22 percent.