US stocks weaker on tech sell-off, Yellen speech eyed
|Major US equity indices opened with modest losses on Tuesday amid a follow through selling pressure in technology shares, for the second consecutive session.
During opening hour of trade, the Dow Jones Industrial Average was down around 25-points to 21,384, while the broader S&P 500 Index lost 5-points to 2,434. Meanwhile, tech-heavy Nasdaq Composite Index continued with its relative underperformance and dropped nearly 30-points to 6,220.
Investors also remained cautious ahead of a scheduled speech by the Fed Chair Janet Yellen, later during the day, where clues over the timing of next rate-hike move might provide some fresh impetus.
Meanwhile, the latest IMF downgrade of the US economic growth projections was also seen weighing on the investors' sentiment and further collaborated to the weaker trading activity during early trade.
Among individual movers, shares of Google traded weaker following news that EU watchdog have imposed a €2.42 billion of antitrust fine, a much higher than €1 billion already priced-in by the markets.
On the economic data front, the US Conference Board is expected to show a drop in its consumer confidence index for the month of June and could further aggravate the selling pressure in the markets.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.