US: Wall Street opens lower as bank earnings disappoint

WALL Street’s main indexes opened lower on Thursday (Jul 14) as downbeat earnings from big US banks JPMorgan Chase & Co and Morgan Stanley underscored concerns about a sharp economic downturn caused by aggressive monetary policy tightening.

The Dow Jones Industrial Average fell 320.99 points, or 1.04 per cent, at the open to 30,451.80.

The S&P 500 opened lower by 37.79 points, or 0.99 per cent, at 3,763.99, while the Nasdaq Composite dropped 96.37 points, or 0.86 per cent, to 11,151.21 at the opening bell. REUTERS