S&P 500 and Nasdaq open lower as chip stocks drag, inflation fears persist

[NEW YORK] The S&P 500 and the Nasdaq opened lower on Tuesday (May 19), pressured by a selloff in heavyweight chip stocks and lingering inflation concerns as Treasury yields continued to rise.

The Dow Jones Industrial Average rose 10.4 points, or 0.02 per cent, at the open to 49,696.53.

The S&P 500 fell 27.3 points, or 0.37 per cent, at the open to 7,375.75​, while the Nasdaq Composite dropped 167.2 points, or 0.64 per cent, to 25,923.486 at the opening bell. REUTERS