The Business Times

US: Wall St opens lower as PacWest woes offset Fed optimism

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Published Thu, May 4, 2023 · 09:44 PM
    • The Dow Jones Industrial Average fell 66.46 points, or 0.20 per cent, at the open to 33,347.78.
    • The Dow Jones Industrial Average fell 66.46 points, or 0.20 per cent, at the open to 33,347.78. PHOTO: REUTERS

    US STOCKS opened lower on Thursday (May 4) after PacWest Bancorp’s move to explore strategic options deepened concerns about the health of regional banks, countering optimism from the Federal Reserve signalling a likely pause in interest rate hikes.

    The Dow Jones Industrial Average fell 66.46 points, or 0.20 per cent, at the open to 33,347.78.

    The S&P 500 opened lower by 8.20 points, or 0.20 per cent, at 4,082.55, while the Nasdaq Composite dropped 27.99 points, or 0.23 per cent, to 11,997.34 at the opening bell. REUTERS

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