NEW YORK: Wall Street stocks opened the week on a sour note on Monday, falling amid further signs of US-China tensions and lingering anxiety over higher interest rates.
About 10 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 26,341.14.
The broad-based S&P 500 shed 0.3 percent to 2,877.28, while the tech-rich Nasdaq Composite Index tumbled 0.6 percent to 7,741.52.
US stocks finished last week lower as the yield on the 10-year Treasury bond pushed further above three percent. The Treasury market was closed Monday in observance of the Columbus Day holiday.
Analysts also cited a testy public interaction between top US and Chinese officials in Beijing as a drag on markets.
Foreign Minister Wang Yi told US Secretary of State Mike Pompeo at a Beijing meeting that sharpening American rhetoric on trade and other matters “have affected the mutual trust between both sides.”
Responding to Wang’s remarks, Pompeo said he wanted to come to Beijing to “have discussions.”
“The issues that you characterized, we have fundamental disagreements,” Pompeo told Wang.
This week’s calendar includes key consumer price data and the unofficial kickoff of earnings season, with JPMorgan Chase and other large banks releasing third-quarter reports on Friday. —AFP