Wall Street starts lower on economic slowdown fears

Friday, 31. May 2019 15:30

Markets in the United States opened with significant losses on Friday as trade war fears and concerns about a global economic slowdown weighed on the stocks. Investors digested US President Donald Trump's decision to impose a 5% tariff on all imports from Mexico from June 10, while trade tensions between the US and China continued to escalate with Beijing expected to publish a list of "unreliable entities," or foreign companies which cut supplies or severely hurt the interests of Chinese entities.

The Dow Jones fell 1.02% or 258 points at 9:30 am ET. Verizon led the losses as it dived 3.18% at 9:31 am ET.

The Nasdaq 100 dropped 1.20% at 9:31 am ET. The worst performer was Ulta Beauty, whose shares tumbled 6.76% at 9:33 am ET. Meanwhile, Tesla lost 1.51% at 9:34 am ET as its stock hit the lowest level since December 2016.

The S&P 500 slid 1.07% at 9:31 am ET. Gap pulled the index down, plummeting 14.95% at 9:31 am ET after posting worse-than-expected results a day earlier.

The euro added 0.24% against the dollar to sell for 1.1155 at 9:32 am ET.

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Breaking the News / NP