BUSINESS US stocks open lower as tech shares decline

BUSINESS

US stocks open lower as tech shares decline

Xinhua

22:35, July 24, 2020

NEW YORK, July 24 (Xinhua) -- U.S. stocks opened lower on Friday as major tech shares dropped, weighing on the market.

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File photo

Shortly after the opening bell, the Dow Jones Industrial Average decreased 135.58 points, or 0.51 percent, to close at 26,516.75. The S&P 500 was down 21.04 points, or 0.65 percent, to 3,214.62. The Nasdaq Composite Index slid 162.80 points, or 1.56 percent, to 10,298.62.

Shares of major U.S. tech giants, the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all traded lower.

The S&P 500 tech sector fell more than 2 percent in morning trading, the worst-performing group.

The moves came after a downbeat session on Wall Street that saw the Dow dip more than 350 points.

Market sentiment was dented by a continued spike in coronavirus infections in the United States and investors were also worried about U.S.-China tensions, experts noted.

The United States hit a new virus milestone Thursday with confirmed COVID-19 cases topping 4 million. As of Friday morning local time, roughly 4.04 million cases have been reported in the country, with over 144,000 deaths, according to a tally by Johns Hopkins University.

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