Wall Street drops on open after selloff in China

Monday, 08. October 2018 15:30

Major stock markets in the United States started the trading session with losses on Monday after a drop in the value of shares in Mainland China, as the central bank in Beijing decided to ease its reserve requirements for banks. Investors also anticipated higher interest rates. Last Friday, strong job data was followed by higher yields, which resulted in a market selloff. Bond markets were closed in the US today for Columbus Day.

The Dow Jones Industrial Index opened 0.38% in the red. Caterpillar was the worst performer, dropping 1.45%. The Nasdaq 100 fell 0.59% at the opening bell. Chinese online retailer JD.com led the losses.

The S&P 500 decreased 0.31% at the start. UK-based company TechnipFMC was down 3.05%, ranking worse than others.

The euro declined 0.47% against the dollar, buying $1.14646 at 3:32 pm CET.

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Breaking the News / NI