The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are falling at the open on Wall Street as investors worry about an apparent stalemate in trade talks between the U.S. and China.

A spokesman for China’s Foreign Ministry said Thursday that China is open to more talks on trade. But no new negotiations have been set and tensions between the two sides remain high.

The Dow Jones Industrial Average dropped 300 points, or 1.2%, to 25,476. The S&P 500 index fell 32 points, or 1.1%, to 2,823.

The Nasdaq slid 85 points, or 1.2%, to 7,655.

Energy stocks took steep losses as the price of U.S. oil fell below $60 per barrel. Tech stocks and industrials are also sharply lower.

Investors fled to the safety of bonds. The yield on the 10 year Treasury slipped to 2.35%, the lowest level in more than a year.