BUSINESS US stocks open lower as market weighs restarts

BUSINESS

US stocks open lower as market weighs restarts

AFP

22:46, May 11, 2020

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File photo: CGTN

Wall Street stocks fell early Monday, pulling back somewhat from a rally driven by optimism over US states reopening their economies after coronavirus shutdowns.

About 25 minutes into trading, the Dow Jones Industrial Average was down 0.8 percent to 24,133.71.

The broad-based S&P 500 shed 0.6 percent to 2,913.02, while the tech-rich Nasdaq Composite Index lost less than 0.1 percent to 9,117.34.

More US states have started down the path back to business as usual in recent days, spurring a mix of hope at revived activity and fear of increased coronavirus cases.

This week's economic calendar includes a speech by Federal Reserve Chair Jerome Powell expected to update investors on stimulus programs.

Key reports include data on consumer prices and retail sales, as well as another weekly report on jobless claims, which have spiked in unprecedented fashion over the last two months after hotels, shops and businesses were shuttered nationwide, although the pace has slowed.

Despite dreadful economic data, stocks have mostly risen since early April in the wake of unprecedented government stimulus and in anticipation of an economic restart.


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