US opens lower, Dow falls over 250 pts

Thursday, 05. May 2022 15:31

Major stock indexes in the United States traded lower at the open on Thursday, with the Dow Jones extending losses after the Federal Reserve's decision on Wednesday to raise the interest rate by 50 basis points.

On the data front, today's reports on jobless claims and job cuts in the United States were released revealing an increase when compared to previously recorded figures. Furthermore, investors will receive quarterly earnings reports by US-based companies Dropbox and Virgin Galactic after the closing bell later today.

The Dow Jones decreased by 0.81% or over 250 points at the opening bell as Procter & Gamble declined by 0.72%. The Nasdaq 100 fell over 1.56% with eBay recording a 6.50% loss. Meanwhile, the S&P 500 was also down by 1.10% with Etsy pulling the index down by 16.80%.

The euro was 0.52% down compared to the dollar, going for $1.05637 at 9:32 am ET.

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