US opens lower amid US-China unrest

Tuesday, 02. August 2022 15:30

Major stock indexes in the United States traded lower at the open on Tuesday, as concerns over deteriorating relations between Washington and Beijing rose, sparked by US House Speaker Nancy Pelosi’s potential visit to Taiwan. Chinese authorities showed strong opposition to the possible trip, stating that the country will take “strong and resolute measures” to protect its security, while the US underlined that Pelosi “has the right to visit Taiwan.”

On the earnings front, both Uber and Caterpillar reported an increase in their revenue in the second quarter of fiscal 2022. Traders are expecting PayPal, Starbucks, Airbnb and Gilead to release their earnings reports after the market close.

The Dow Jones lost 0.40% or 130 points at the open, with Caterpillar plunging 3.85% simultaneously. The S&P 500 was down 0.42% at 9:30 am ET, with ParkinElmer decreasing 2.76% at the same time. The Nasdaq declined 0.63% at the opening bell, as Pinduoduo tumbled 2.75% at the same moment. The euro traded 0.40% lower against the dollar at 9:29 am ET, selling for 1.02219.

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Baha Breaking News (BBN) / AY