Thursday, 02 July 2020
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U.S. stocks skid lower at the open as government bond yields stumble

U.S. stock indexes on Tuesday opened lower as investors appeared to await guidance from the Federal Reserve on monetary policy--a key catalysts for a market that has been beset by worries about an impending economic recession.

The Dow Jones Industrial Average fell 63 points, or 0.2%, to 26,075, the S&P 500 index retreated 0.4% to 2,911, while the Nasdaq Composite Index skidded 0.4% lower to 7,970. Investors were watching quarterly reports from major retailers including Home Depot Inc. and Kohl's Corp.

Meanwhile, President Donald Trump on Monday said the Fed should cut benchmark rates by 1 percentage point from its current range of 2%-2.25%, which is viewed as aggressive policy for a U.S. economy considered slowing but not in the throes of a recession. A slide in bond yields, as prices gain, has been also unsettling investors. The 10-year Treasury bond yields 1.55%, off more than 4 basis points, from its level on Monday.

Source : Marketwatch

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