NEW YORK: US stocks opened lower Tuesday as investors await first quarter earnings results from some of America’s biggest tech companies later today including Facebook owner Meta, and Microsoft.
Shares in General Motors and McDonald’s fell in early trading despite both companies posting stronger-than-expected results before markets opened.
Around 5 minutes into trading, the Dow Jones Industrial Average was down around 0.1 percent percent at 33,852.38.
US stocks start newsy week slightly higher
The broad-based S&P 500 was down 0.4 percent to 4,120.43, with the tech-rich Nasdaq Composite Index falling more than 0.5 percent to stand at 11,970.92.
Investors are bracing for earnings results from some of America’s tech giants later today, including Meta, Microsoft and Google parent Alphabet.
“We are waiting to see whether the market rallies or pulls back,” Peter Cardillo, analyst for Spartan Capital Securities, said in an interview.
Shares in the beleaguered lender First Republic Bank fell almost 30 percent in early trading after its results showed an outflow of more than $100 billion in customer deposits last month, amid the market turmoil sparked by the rapid collapse of Silicon Valley Bank.
The company announced plans to shrink its workforce by up to 25 percent and implement “significant” cuts to executive compensation.
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