US: Stocks open lower
New York
Wall Street stocks dropped in early trade on Thursday, pulling back from the prior day's strong rally as weak economic data from Germany heightened concerns about poor overseas growth.
About 30 minutes into trade, the Dow Jones Industrial Average stood at 16,912.72, down 81.50 points.
The broad-based S&P 500 shed 9.75 to 1,959.14, while the tech-rich Nasdaq Composite Index lost 25.43 at 4,443.16.
Germany suffered a massive 5.8 per cent drop in exports in August, while imports dipped by 1.3 percent, official data showed. Leading German think tanks also slashed their growth forecasts for the eurozone's largest economy.
While US economic data has generally improved, traders are worrying about a slowdown in Europe and Asia that is weighing on the global economy.
-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 retreat at Thursday’s open; STI down 1.1%
Stocks to watch: Keppel, FCT, Suntec Reit, OUE Reit, Clint, Digital Core Reit, OKP, Cordlife
Europe: Stoxx 600 falls on banks drag; tech contains losses on ASMI boost
US: Stocks end flat ahead of key inflation data
Hong Kong spot crypto ETFs to start trading next week
Greenback recovers from PMI slump, yen closes in on 155 per dollar