BUSINESS US stocks open lower amid trade concern

BUSINESS

US stocks open lower amid trade concern

Xinhua

22:33, May 10, 2019

NEW YORK, May 10 (Xinhua) -- US stocks opened lower on Friday, as investors remain a wait-and-see attitude towards updates regarding global trade.

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Stock traders gather around the post where Uber shares will begin trading during the company's initial public offering at the New York Stock Exchange, Friday, May 10, 2019. (Photos: AP)

The Dow Jones Industrial Average dropped 96.47 points, or 0.37 percent, to 25,731.89. The S&P 500 fell 10.85 points, or 0.38 percent, to 2,859.87. The Nasdaq Composite Index decreased 33.56 points, or 0.42 percent, to 7,877.02.

Nine of the 11 primary S&P 500 sectors traded lower around Friday's opening, with the information technology sector down nearly 0.7 percent, leading the losers.

Shares of Ford rose nearly 1.3 percent, after Bank of America Merrill Lynch upgraded the company's stock to "buy" from "neutral."

The bank said in a note that the automobile giant has started "a more sustainable inflection in earnings" propelled by a favorable product cadence and restructuring efforts.

Shares of Marriott International declined over 3.9 percent, after the hotel giant posted first-quarter revenue that fell short of market estimates.

With ring of a bell, Uber goes public (Video source: AP)

Investors are looking to the first trading day of US ride-hailing service provider Uber listed on the New York Stock Exchange.

Uber has priced its initial public offering at $45 per share, the low end of its targeted range. If fully diluted, it will have a market valuation of $82.4 billion.  

Cover image: The statue of Fearless Girl stands in front of the New York Stock Exchange before Uber, the world's largest ride-hailing service, holds its initial public offering, Friday, May 10, 2019. 

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