Wall Street Opens Lower After Retail Sales Miss; Dow Down 270 Pts By Investing.com
© Reuters.
By Geoffrey Smith
Investing.com — U.S. stock markets opened markedly lower on Tuesday after a weak report for July retail sales cast fresh doubt on the momentum of an economy under increasing pressure from the latest wave of the pandemic.
Retail sales fell 1.1% in July, while core retail sales fell 0.4%, both figures undershooting expectations. The damage to sentiment was only partly offset by industrial production rising slightly more than expected in the month.
By 9:40 AM ET (1340 GMT), the was down 271 points or 0.8% at 35,354 points, retreating from the all-time high close it posted on Monday. The followed suit, falling 0.7%, while the underperformed with a 0.8% drop, amid fresh falls in some big Chinese Internet stocks after Beijing regulators unveiled tough new draft rules aimed at restricting their market power.
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