US stocks open down, extending pullback on virus trends
- The broad-based S&P 500 shed 0.7 percent to 3,029.16, while the tech-rich Nasdaq Composite Index tumbled 0.8 percent to 9,835.00.
- Macy's shed 2.8 percent after announcing it will cut 3,900 management and corporate jobs as it cuts costs amid a weak ret
NEW YORK: Wall Street stocks fell early Thursday, extending losses from the prior session's rout on worries about rising coronavirus cases in many states.
About 15 minutes into trading, the Dow Jones Industrial Average stood at 25,242.99, down 0.8 percent.
The broad-based S&P 500 shed 0.7 percent to 3,029.16, while the tech-rich Nasdaq Composite Index tumbled 0.8 percent to 9,835.00.
Major indices lost more than two percent on Wednesday as several states reported sharp rises in coronavirus cases and New York and neighboring states announced quarantine measures for visitors from states that are coronavirus "hot spots."
US data showed another 1.5 million Americans filed new claims for unemployment benefits last week, a worse-than-expected figure that showed the continuing potency of the coronavirus pandemic.
Among individual companies, Disney fell 2.2 percent as the California Disneyland theme park and resort delayed its reopening due to a rise in COVID-19 cases in the state.
Macy's shed 2.8 percent after announcing it will cut 3,900 management and corporate jobs as it cuts costs amid a weak retail environment.
KB Home slumped 12.6 percent following weaker-than-expected results. The homebuilder said lengthy stay-at-home orders "significantly impacted our orders during the quarter" ending May 31, although orders have returned to a "more normalized" level in June.
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