Business

Wall Street opens lower as tech declines resume

Wall Street's main indexes opened lower on Wednesday, as high-flying growth stocks continued to be pressured by valuation concerns, while some cyclical stocks gained on prospects of an economic rebound.

FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange, in New York City
FILE PHOTO: A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. REUTERS/Carlo Allegri/File Photo
(Updated: )

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REUTERS: Wall Street's main indexes opened lower on Wednesday, as high-flying growth stocks continued to be pressured by valuation concerns, while some cyclical stocks gained on prospects of an economic rebound.

The Nasdaq Composite dropped 64.9 points, or 0.48per cent, to 13400.254 at the opening bell, falling for six out of the last seven sessions.

The Dow Jones Industrial Average fell 37.6 points, or 0.12per cent, at the open to 31499.75, while the S&P 500 fell 7.7 points, or 0.20per cent, at the open to 3873.71.

(Reporting by Devik Jain in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters