Wall Street opens mostly lower as trade tensions persist

Tuesday, 02. July 2019 15:30

United States markets opened mostly in the red on Tuesday as global trade tensions flared up again. The Office of the US Trade Representative (USTR) proposed the introduction of tariffs on around $4 billion of products from the European Union as the two sides continued their disputes over aircraft subsidies at the World Trade Organization (WTO). In addition, non-OPEC producers agreed to extend their production cuts to March 2020 after OPEC confirmed on Monday that it will continue its cuts until the same date.

The Dow Jones Industrial Average opened 0.11% lower with the Boeing Company the biggest loser while the Nasdaq 100 dropped 0.07% on the back of Automatic Data Processing Inc's losses of 3.90%. Meanwhile, the S&P 500 fell by 0.04% after beauty company Coty Inc. plunged 13.51% following its announcement on Monday that it would take a $3 billion writedown in a four-year restructuring.

The euro was 0.14% higher against the dollar to change hands for 1.13003 at 9:28 am ET while the British pound was flat against the greenback to go for 1.26373 at the same time.

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