Dow loses over 400 points shortly after opening

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


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.