U.S. stocks opened firmly lower Wednesday morning, threatening to snap an eight-session win streak for the Nasdaq Composite, amid signs of rising coronavirus cases and worries about fresh international trade tensions. Those concerns have under cut enthusiasm for equities, which have already enjoyed a blistering rebound from their March lows. The Dow Jones Industrial Average was trading 222 points, or 0.8%, lower at 25,939, the S&P 500 index was off 0.6% at 3,113, while the Nasdaq Composite Index was off less than 0.1% at 10,104, after posting its second straight record close on Tuesday and its eight consecutive advance, widening a performance gap between the technology-laden index and broader market benchmarks. Reports of possible trade tensions between the U.S. and its European and North American allies, was drawing attention after, Bloomberg indicated that the Trump administration was considering imposing tariffs on an array of goods from Europe totaling some $3.1 billion as well as reimposing tariffs on aluminum imports from Canada. Meanwhile, New COVID-19 cases have jumped in several states, with Arizona, Texas and California reporting daily records of infections Tuesday. Signs of rising cases threatens efforts to restart economies that have been locked down to help limit the spread of the epidemic. Meanwhile, the International Monetary Fund on Wednesday lowered global growth expectations by 2 percentage points for this year to negative 4.9%. In corporate news, shares of Hertz Global Holdings Inc. (HTZ) were jumping on rumors that the troubled car-rental company may be purchased in bankruptcy.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 24, 2020 09:43 ET (13:43 GMT)
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