BUSINESS US stocks open about 1% lower after weak economic data

BUSINESS

US stocks open about 1% lower after weak economic data

AFP

21:40, July 30, 2020

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File photo: Agencies

Wall Street stocks dropped in opening trading Thursday following data showing an historic drop in US growth in the second quarter and higher weekly jobless claims.

Shortly after the opening bell, the Dow Jones Industrial Average was down 1.2 percent at 26,215.34.

The broad-based S&P 500 fell 1.1 percent to 3,223.42, while the tech-rich Nasdaq Composite Index shed 0.9 percent to 10,446.97.

Besides the US data, investors are also looking ahead to a deluge of major earnings reports, with Apple, Amazon, Alphabet and Facebook all reporting after the closing bell.

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