US: Stocks drop as oil-linked shares tumble
[NEW YORK] US stocks opened lower on Friday with petroleum-linked equities especially weak due to a sharp drop in oil prices.
Five minutes into trade, the Dow Jones Industrial Average stood at 16,255.35, down 75.05 points (0.46 per cent).
The broad-based S&P 500 shed 9.76 (0.50 per cent) at 1,942.53, while the tech-rich Nasdaq Composite Index fell 25.00 (0.52 per cent) to 4,771.25.
US oil prices were down almost three per cent early Friday after Goldman Sachs slashed its price forecast for the commodity amid a global oversupply.
Dow member ExxonMobil fell 0.3 per cent, while EOG Resources lost 1.7 per cent and Apache tumbled 2.2 per cent.
AFP
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Singapore shares rise at Tuesday’s open tracking global rally; STI up 0.2%
ETF popularity poised to stay as investors flock to diversification, stability
Stocks to watch: FLCT, Paragon Reit, AA Reit, Lendlease Global Reit, Far East Orchard, SIA
Europe: Shares close at highest in a week; Indra surges
US: Stocks rise again, extending rally
Morgan Stanley strategists see inflation as key for path of US stocks