BUSINESS Dow loses over 400 points shortly after opening

BUSINESS

Dow loses over 400 points shortly after opening

Xinhua

23:20, May 01, 2020

NEW YORK, May 1 (Xinhua) -- U.S. stocks opened lower on Friday as major tech shares slid, weighing on the market.

642b12e0a1824fef91676c8f73f426ff.jpg

File photo: AFP

Shortly after the opening bell, the Dow Jones Industrial Average slipped 431.99 points, or 1.77 percent, to 23,913.73. The S&P 500 was down 57.78 points, or 1.98 percent, to 2,854.65. The Nasdaq Composite Index decreased 187.10 points, or 2.10 percent, to 8,702.45.

Amazon shares tumbled more than 5 percent in early trading. The U.S. e-commerce giant on Thursday posted a first-quarter profit that missed analysts' expectations and pledged to spend entire second-quarter operating profit on coronavirus response.

Shares of other big tech names, including Apple, Netflix, and Google-parent Alphabet, were also under pressure.

All the 11 primary S&P 500 sectors dropped, with both the energy and consumer sectors down more than 4 percent a few minutes after the opening, the two worst-performing groups.

Wall Street's major averages ended lower on Thursday after data showed the United States shed about 30 million jobs in six weeks, as lockdown measures began to bite across the nation. 

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue