NEW YORK: Wall Street stocks opened sharply lower Tuesday following a retreat of European bourses on worries about a possible recession.
Equities were deep into the red early in the first session of the week after Monday’s US Independence Day holiday. Investors are jittery about the upcoming earnings season in light of inflation and the hit from central bank tightening.
“The markets are clearly focused more on any signs of weakness,” said LBBW’s Karl Haeling. “So you definitely have recession worries on the mind.”
About 20 minutes into trading, the Dow Jones Industrial Average was down 1.9 percent at 30,509.72.
The broad-based S&P 500 also fell 1.9 percent to 3,752.23, while the tech-rich Nasdaq Composite Index shed 1.6 percent to 10,950.49.
Among individual companies, Tesla fell 3.6 percent after Elon Musk’s electric vehicle maker reported disappointing second-quarter auto deliveries due to a weeks-long closure of its factory in China.
This week’s calendar includes several potentially market-moving releases, including Federal Reserve meeting minutes, a survey of services industry conditions and the June jobs report.
Comments
Comments are closed.