US stocks open lower amid trade concerns, data
Xinhua
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NEW YORK, Aug. 2 (Xinhua) - US stocks opened lower on Friday, as investors digested the latest employment data and remained concerned over US-China trade prospects.

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Traders react moments before the close of the New York Stock Exchange (NYSE) after the Federal Reserve announced a cut in interest rates on July 31, 2019 in New York City. (File photo: VCG)

Shortly after the opening bell, the Dow Jones Industrial Average fell 61.71 points, or 0.23 percent, to 26,521.71. The S&P 500 slid 10.83 points, or 0.37 percent, to 2,942.73. The Nasdaq Composite Index decreased 62.28 points, or 0.77 percent, to 8,048.84.

Eight of the 11 primary S&P 500 sectors traded lower around market opening, with the financials sector down over 2.3 percent, leading the loses.

The majority of the 30 blue-chip stocks in the Dow suffered losses around market opening, with shares of Cisco Systems down around 3.2 percent, among the worst performers.

More specifically, shares of 3M and Intel, both sensitive to global trade, fell 0.97 percent and 0.70 percent respectively. Shares of Caterpillar lost 0.68 percent.

Yet shares of Pinterest rose nearly 17.4 percent, as the mobile application firm reported higher-than-expected revenues for the second quarter, despite a quarterly loss of profit.

On the economic front, total nonfarm payroll employment rose by 164,000 in July, and the unemployment rate was unchanged at 3.7 percent, the US Bureau of Labor Statistics reported on Friday.

The job growth came in shy of the forecast of 165,000 by economists surveyed by The Wall Street Journal.

July's reading was in line with the average employment growth in the first six months of the year. Yet it was lower than the average monthly pace of 223,000 in 2018.