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Stocks - Wall Street Falls at Open Amid Slowdown Fears
Published Oct 02, 2019 09:41AM ET
© Reuters.
Investing.com - Wall Street fell at the open on Wednesday a day after weak U.S. manufacturing data added to fears over the economic impact of the U.S. - China trade war.
The Dow fell 1.02%, by 09:40 AM ET (13:40 GMT), while the S&P 500 was down 1.01%, and the Nasdaq composite dropped 1.11%.
The S&P 500 and Dow suffered their worst falls in over a month on Tuesday after the ISM manufacturing activity index in September hit its lowest level in more than a decade, joining other major economies in posting a similar slowdown.
Adding to worries over the economic outlook, the ADP (NASDAQ:ADP) nonfarm payrolls report on Wednesday showed that the U.S. private sector added a smaller than forecast 135,000 jobs in September, while payroll gains for the previous month were revised lower.
Brokerage stocks extended losses into a second day, with TD Ameritrade (NASDAQ:AMTD) down 3.8%, adding to Tuesday’s 26% drop after it announced plans to eliminate all commission fees for online U.S. stock, exchange-traded fund and option trades.
Charles Schwab (NYSE:SCHW) was down 2.6% after it also announced the same course, a decision which analysts fear could badly hollow out its revenue base.
Meanwhile, shares in Exxon Mobil (NYSE:XOM) fell 1.1% after it warned that operating profit fell for the fourth straight quarter in the three months to September. All of its major divisions suffered as crude prices fell in response to the global economic slowdown.
Johnson & Johnson (NYSE:JNJ) was up 2.3% after it agreed to settle two lawsuits in Ohio for $20 million, a move that will allow it to avoid a federal trial where it could have faced greater liabilities for its role in the opioid crisis.
Away from equities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, was little changed at 98.80, while gold futures were up 0.8% to $1,502.15 a troy ounce. Crude oil futures were flat at $53.66 a barrel.
--Reuters contributed to this report
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