Dow opens 600 pts lower on economic concerns

Tuesday, 05. July 2022 15:30

Wall Street recorded sharp losses on Tuesday as global markets still cannot shake off worries about a potential recession. European business data landed at levels unseen for several months, adding to the negative sentiment and pushing the euro to almost a 20-year low against the United States dollar. Elsewhere, contacts between officials from the US and China are and will be monitored by traders.

The Dow Jones Industrial Average index lost 1.46% or 450 points at the open but extended losses to 600 points soon thereafter. Boeing was the worst performer, decreasing 3.68% at 9:31 am ET. The Nasdaq 100 opened 1.55% lower as ASML Holding NV lead the losses, falling 6.50% at 9:34 am ET. The S&P 500 declined by 1.49% in the first minute of trading. Royal Caribbean Group dropped 6.86% at 9:32 am ET.

The euro decreased by 1.56% against the dollar to trade at 1.02599 at 9:29 am ET.

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