U.S. stock indexes fell to start Monday trade as investors contended with heightened rhetoric between the U.S. and China and signs of rising cases as economies here and elsewhere attempting to reopen their economies seized by a viral outbreak. The Dow Jones Industrial Average was down 246 points, or 1%, at 24,100, the S&P 500 index declined 0.9% at 2,904, while Nasdaq Composite Index retreated 0.7% at 9,056. The markets have mostly enjoyed a solid uptrend and some investors said that a pullback after strong gains is natural. However, Wall Street was digesting news that President Donald Trump's administration is planning to issue a warning that hackers tied to the Chinese government are attempting to steal data from U.S. researchers developing a coronavirus vaccine, The Wall Street Journal reported on Monday. Meanwhile, rising cases in South Korea attracted attention, coming after the country loosened lockdown procedures intended to limit the spread of the COVID-19 pandemic. In corporate news, shares of Tesla Inc. (TSLA) were in focus after founder Elon Musk on Saturday tweeted he would move the Silicon Valley car maker's headquarters and operations out of California as the company's main car-making factory remains closed due to the pandemic. Musk also followed through on a threat to sue Alameda County, where its Fremont plant is located.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 11, 2020 09:37 ET (13:37 GMT)
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