- The major Wall Street indices opened in negative territory.
- Energy stocks suffer heavy losses from falling oil prices.
- Lousy data from China and the US appear to be weighing on sentiment.
The main US stock indices. opened modestly lower on Monday as investors appear to have become wary of the release of disappointing data from China and the US At time of writing, the S&P 500 Index was down 0.4% on the day to 4.449, the average. industrial Dow Jones lost 0.63% to 35,292 and the Nasdaq Composite lost 0.35% to 14,772.
Data from China showed on Monday that retail sales and industrial production expanded at a weaker rate than expected in July. Additionally, the Federal Reserve Bank of New York’s Empire State Manufacturing Index fell sharply to 18.3 in August from 43 in July, beating the market expectation of 29 by a wide margin.
Among the top 11 sectors in the S&P 500, the Energy Index is down 2%, pressured by a 2.5% drop in crude oil prices. On the other hand, the Technology Index is the only important sector that trades in positive territory, with an increase of 0.15%.
S&P 500 chart (daily)
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