US: Wall St opens lower on bank contagion fears

WALL Street’s main indexes opened lower on Monday (Mar 13) as bank stocks tumbled on fears of contagion following Silicon Valley Bank’s (SVB) collapse, while expectations rose for a pause in interest rate hikes in March.

The Dow Jones Industrial Average fell 89.71 points, or 0.28 per cent, at the open to 31,819.93.

The S&P 500 opened lower by 26.47 points, or 0.69 per cent, at 3,835.12, while the Nasdaq Composite dropped 97.43 points, or 0.87 per cent, to 11,041.46 at the opening bell. REUTERS