US Stocks Open Mostly Lower After Last Week's Turmoil

(@rukhshanmir)

US stocks open mostly lower after last week's turmoil

Wall Street stocks were mostly lower early Monday as investors debated whether the market has fully pivoted from a dramatic two-day selloff in the middle of last week.

New York, (UrduPoint / Pakistan Point News - 15th Oct, 2018 ) :Wall Street stocks were mostly lower early Monday as investors debated whether the market has fully pivoted from a dramatic two-day selloff in the middle of last week.

About 10 minutes into trading, the Dow Jones Industrial Average was up less than 0.1 percent to 25,347.75.

The broad-based S&P 500 slipped 0.2 percent to 2,761.41 while the tech-rich Nasdaq Composite Index dropped 0.6 percent to 7,450.30.

The major US indices lost about four percent last week following a brutal two-day rout midweek that was followed by a solid rally on Friday.

Analysts attributed the turbulence to worries over higher US interest rates and the fallout from trade wars.

A Goldman Sachs note released Sunday night said equity fundamentals were "strong" and predicted "limited further downside.

" But Sam Stovall, chief investment strategist of CFRA Research, said while there were some indications among the selling trends that stocks had become "oversold," there were other reasons to think "the full decline might not be over."US data showed retail sales in September inched higher by 0.1 percent, well below the 0.6 percent gain projected by analysts.

Shares of defense companies Harris and L3 Technologies rose after they announced they would merge into the sixth-largest US defense company and one of the 10 largest in the world, with 48,000 employees and clients in 100 countries. L3 gained 7.6 percent and Harris jumped 8.4 percent.