US: Stocks start the day lower

[WASHINGTON] US stocks were lower on Thursday morning as materials and energy stocks sank due to lower commodity prices and investors weighed the prospect of an increase in interest rates next month.

At 9.40 am ET (1440 GMT), the Dow Jones industrial average was down 144.71 points, or 0.82 per cent, at 17,557.51.

The S&P 500 was down 13.53 points, or 0.65 per cent, at 2,061.47 and the Nasdaq Composite index was down 30.06 points, or 0.59 per cent, at 5,036.96.

The selloff was broad based with all 10 major S&P sectors in the red and only 5 of the 30 Dow components were higher.

Fed Chair Janet Yellen said that the central bank must weigh the effects of post-crisis financial regulations and new channels through which policy affects markets as it prepares to raise interest rates. She did not comment on the rate hike timing or the US economy.

REUTERS